Resolution Life’s AUS$3.3 Billion Acquisition of AMP Life

Debevoise & Plimpton has advised Resolution Life in its AUS$3.3 billion acquisition of the Australian and New Zealand wealth protection and mature businesses of AMP Limited.

The transaction is a cash and non-cash deal, comprising of AUS$1.9 billion in cash, AUS$300 million in AT1 preference shares in AMP Life, and AUS$1.1 billion in non-cash consideration. Subject to regulatory approvals, the transaction is expected to complete in the second half of 2019.

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.

Debevoise advised Resolution Life with a team including Edwin Northover (Picture), Allison Lee, Jayne So, Jan Buschmann, Alex Cochran, Judith Church, Emilie Hsu, Kristen A. Matthews, Alan Davies, Thomas Smith, Nathalie Henderson-Stewart, Anna Moore and Patrick Dixon.

 

Involved fees earner: Edwin Northover – Debevoise & Plimpton; Allison Lee – Debevoise & Plimpton; Jayne Chi-Wing So – Debevoise & Plimpton; Jan Buschmann – Debevoise & Plimpton; Kristen Matthews – Debevoise & Plimpton; Alan Davies – Debevoise & Plimpton; Alexander Cochran – Debevoise & Plimpton; Emilie Hsu – Debevoise & Plimpton; Thomas Smith – Debevoise & Plimpton; Nathalie Henderson-Stewart – Debevoise & Plimpton; Anna Moore – Debevoise & Plimpton; Patrick Dixon – Debevoise & Plimpton; Judith Church – Debevoise & Plimpton;

Law Firms: Debevoise & Plimpton;

Clients: Resolution Life Group;