Debevoise & Plimpton LLP is advising Constellation Insurance Holdings, Inc. (Constellation), backed by institutional investors Caisse de dépôt et placement du Québec (CDPQ) and Ontario Teachers’ Pension Plan Board (Ontario Teachers’), in its acquisition of Ohio National Financial Services, Inc., for a total consideration of US$1 billion, as part of Ohio National’s demutualization process. The transaction is subject to customary conditions, including regulatory approvals and Ohio National’s policyholder approval. It is anticipated that the transaction will close in the second half of 2021. For more information, please see the company’s press release.
Constellation is an insurance holding company targeting acquisitions of life and P&C insurers based in North America. Ohio National is a life insurance provider that helps its policyholders achieve financial security and independence. CDPQ is a global investment group managing funds for public retirement and insurance plans. Ontario Teachers’ is the administrator of Canada's largest single-profession pension plan, with CA$204.7 billion in net assets as of June 30, 2020.
The Debevoise team is led by insurance M&A partner Drew Dutton, and includes insurance M&A partners Marilyn Lion and Thomas Kelly and associates Ali Bazzi, Susie Kim, Matthew Parelman and Sean Wagnon, M&A associate Vishaal Sharma, finance partner Byungkwon Lim, intellectual property associate Tigist Kassahun, banking partner Jeffrey Robins and associate Danjie Fang, benefits partner Jonathan Lewis and associate Zain Kazmi, tax partner Peter Furci and associate Robert Nelson-Sullivan, investment management counsel Gregory Larkin and litigation partner Susan Gittes and associate Daniel Joiner.