Ashurst advised Chesnara plc on the deal.
Chesnara plc acquired through its subsidiary (Countrywide Assured Life Holdings Limited) of Sanlam Life & Pensions UK Limited (SLP), a specialist provider of insurance and long term-savings products in the UK.
The acquisition enhances the scale of Chesnara’s operations in the UK by adding £2.9bn of assets under administration and approximately 80,000 policies.
The SLP business will be integrated into Countrywide Assured plc, Chesnara’s UK platform, and will follow its tried and tested business model as a focused, closed-book consolidator. SLP will retain a commercial relationship with Sanlam Investments UK Limited for investment management.
Completion of the transaction is conditional on obtaining regulatory clearance under FSMA and from the South African Prudential Authority (SAPA). On completion, Chesnara will pay cash consideration of £39.0m, subject to a clawback mechanic dependent on the value in three years’ time of the in-force contemporary portal pension, portal bond, OneSIPP and Sanlam Platform pension business written by the target. Following completion, Sanlam will provide certain services to the target business under a transitional services agreement.
The Ashurst team was led by corporate partner and Chair Karen Davies (Picture), with support from senior associates Jake Hadfield and Nick Lever, and associates Natasha Gromof and Camilla Booth-Clibborn. They were supported by partners Steven Vaz, Chris Bates, Tom Cummins, Ruth Buchanan, James Perry, Jamie Chapman and Nicholas Gardner; senior consultant Nicholas Stretch; counsels Don McCombie and John Gordon; consultants Marcus Turle and Giovanni Visintini; senior associate Liz Parkin and associates Harry Newton, Matthew Hewitson, Emily Bodger, Dipika Kachhala, Adam Clenton, Lucy Picton-Turbervill, Henry Glasford, Laura Burt and Catherine Lillycrop.
Involved fees earner: Christopher Bates – Ashurst; Camilla Booth-Clibborn – Ashurst; Ruth Buchanan – Ashurst; Jamie Chapman – Ashurst; Tom Cummins – Ashurst; Karen Davies – Ashurst; Nicholas Gardner – Ashurst; John Gordon – Ashurst; Natasha Gromof – Ashurst; Jake Hadfield – Ashurst; Nick Lever – Ashurst; Don McCombie – Ashurst; Liz Parkin – Ashurst; James Perry – Ashurst; Nicholas Stretch – Ashurst; Steven Vaz – Ashurst;
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