Aviva Singapore’s Combination with SingLife

Latham & Watkins has advised a consortium comprising TPG, Singapore Life (SingLife), Sumitomo Life Insurance Company, and others on a transaction to combine SingLife with Aviva Singapore, represented by Allen & Gledhill.

The transaction represents one of the largest insurance deals to date in Southeast Asia.

Aviva received SGD2.7 billion of total consideration, comprised of SGD2.0 billion (£1.1 billion) of cash and marketable securities, SGD250 million in vendor finance notes and a 26% equity shareholding in the newly renamed business, Aviva Singlife.

Singlife is a Singapore-based mobile savings and protection company that aims to unlock the potential of money by making financial services more convenient, transparent, accessible and affordable.

Aviva is one of the leading insurers in Singapore, serving 1.5 million customers. Aviva is a provider of Medisave-approved Integrated Shield plans as well as supplementary plans for the national ElderShield scheme.

TPG is a global private equity investor that invests in a range of industries such as financial services, healthcare, retail, media and technology. The companies they have equity in includes Burger King, Lenovo, McAfee, PropertyGuru.com, Spotify, and hundreds of others. I

The Latham & Watkins cross-border team was led by Singapore corporate partner Sharon Lau (Picture) and Hong Kong corporate partner Simon Cooke, with M&A support from Hong Kong counsel Richard Watkins and associates Gwenlynne Lee and Frances Yu. The financing for the transaction, comprising both a SGD450 million senior term and revolving credit facility and a SGD550 million issuance of Tier 2 notes, was led by Singapore finance partner Timothy Hia and Singapore counsel Monsiree Jirasarunya, supported by associates Kong Chuan Wei, Tommy Tan, and Esha Goel. Advice was also provided on compliance matters by Beijing partner Hui Xu, with Hong Kong associates Tina Wang and Charlotte Yeung; on Singapore law matters by partner Farhana Sharmeen; on tax matters by London partner Karl Mah, with associates Aoife McCabe and James Leslie; on insurance matters by London partner Victoria Sander, with associate Hyo Joo Kim; and on antitrust matters by Brussels partner Luca Crocco, with associates Simon Troch and Daniel Baker.

The Allen & Gledhill team included Partners Michele Foo, Catherine Neo and Glenn Foo.

Involved fees earner: Glenn Foo – Allen & Gledhill LLP; Michele Foo – Allen & Gledhill LLP; Catherine Neo – Allen & Gledhill LLP; Tina Wang – Davis Polk & Wardwell; Daniel Baker – Latham & Watkins; Simon Cooke – Latham & Watkins; Luca Crocco – Latham & Watkins; Esha Goel – Latham & Watkins; Timothy Hia – Latham & Watkins; Monsiree Jirasarunya – Latham & Watkins; Hyo Joo Kim – Latham & Watkins; Chuan Wei Kong – Latham & Watkins; Sharon Lau – Latham & Watkins; Gwenlynne Lee – Latham & Watkins; James Leslie – Latham & Watkins; Karl Mah – Latham & Watkins; Aoife McCabe – Latham & Watkins; Victoria Sander – Latham & Watkins; Farhana Sharmeen – Latham & Watkins; Tommy Tan – Latham & Watkins; Simon Troch – Latham & Watkins; Richard Watkins – Latham & Watkins; Hui Xu – Latham & Watkins; Charlotte Yeung – Latham & Watkins; Ching Yeung Yu – Latham & Watkins;

Law Firms: Allen & Gledhill LLP; Davis Polk & Wardwell; Latham & Watkins;

Clients: Aviva; Singapore Life; Sumitomo Life Insurance Company; TPG ;

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Author: Michael Patrini