Debevoise & Plimpton has advised Resolution Life in its AUS$3.0 billion acquisition of the Australian and New Zealand wealth protection and mature businesses of AMP Limited. The transaction is an updated version of the deal originally entered into in October 2018 with a simplified structure designed to facilitate and take account of certain regulatory approvals.
The transaction is a cash and non-cash deal, comprising of AU$2.5 billion in cash and a AU$500 million equity interest in the Australian Resolution entity that will own AMP Life. The transaction is expected to complete in the first half of 2020.
AMP is a wealth management company which offers solutions and services across financial advice, investment management, banking, superannuation, self-managed superannuation funds, life insurance, retirement income and investing.
Resolution Life is an international insurance and reinsurance group founded by insurance industry veteran Sir Clive Cowdery. Since 2003, various Resolution entities have committed $13.6bn of equity in the acquisition, reinsurance, consolidation and management of 27 life insurance companies. Together, these companies have served the needs of 10 million policyholders while managing over $300bn of assets.
The Debevoise team advising Resolution Life was led by Hong Kong partner Edwin Northover. The team included international counsel Allison Lee and associates Jan Buschmann and Jayne So (Hong Kong). Debt financing aspects of the transaction were led by our London finance team and included partners Alan Davies and Thomas Smith, with associates Anna Moore and Almas Daud (London).
Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. We deliver effective solutions to our clients’ most important legal challenges, applying clear commercial judgment and a distinctively collaborative approach.