Generali Asia N.V.’s MYR 1.3 Billion Acquisition of AXA Affin JV

Wong & Partners advised Generali, while Zepos & Yannopoulos and CMS France advised Axa Mediterranean Holding on the deal. Linklaters, working alongside Rahmat Lim & Partners, advised AXA and Affin Bank on the transaction.

Generali Asia N.V., Italy’s largest insurer, proposed to buy a 70% stake in AXA Affin Life Insurance (AALI), a 53% stake in AXA Affin General Insurance (AAGI), as well as enlarge its current stake in MPI Generali Insurance Bhd from 49% currently to 100%.

Generali also plans to buy its joint-venture partner Multi-Purpose Capital Holdings Bhd (MPCHB) out of MPI Generali Insurance. Upon completion of the share acquisitions, AAGI and MPIB will be merged via a scheme of transfer of business creating the second largest general insurance company in Malaysia.

The transaction includes an exclusive bancassurance agreement with Affin Bank for the sale of conventional P&C and life insurance products. The total consideration for the combined transactions is approximately MYR 1.3 billion (EUR 262 million).

The Wong & Partners team was led by Partner Ee Von Teo (Picture) and supported by Senior Associates Adrian Wong, Cindy Sek, Daniel Tan and Associate Ee Rong Song.

Zepos & Yannopoulos’s team included Partners Anastasia Makri, Elina Filippou, and Alex Karopoulos, Counsel Kitty Fragalexi, and Senior Associates Smaragda Spyrou and Elina Belouli.

The CMS team was led by Partner Jean-Robert Bousquet and included Counsel Benoit Gomel.

The Linklaters team was led by corporate partners Matthew Middleditch and Sophie Mathur, with support from managing associates Gary Beh and Johanna Leung.

Involved fees earner: Jean-Robert Bousquet – CMS Francis Lefebvre Avocats; Benoît Gomel – CMS Francis Lefebvre Avocats; Gary Beh – Linklaters; Johanna Leung – Linklaters; Sophie Mathur – Linklaters; Matthew Middleditch – Linklaters; Cindy Sek – Wong & Partners; Daniel Tan – Wong & Partners; Ee Von Teo – Wong & Partners; Adrian Wong – Wong & Partners; Ee Rong Song – WongPartnership; Elina Belouli – Zepos & Yannopoulos; Elina Filippou – Zepos & Yannopoulos; Kitty Fragalexi – Zepos & Yannopoulos; Anastasia Makri – Zepos & Yannopoulos; Smaragda Spyrou – Zepos & Yannopoulos; Alex Karopoulos – Zeyad Khoshaim;

Law Firms: CMS Francis Lefebvre Avocats; Linklaters; Wong & Partners; WongPartnership; Zepos & Yannopoulos; Zeyad Khoshaim;

Clients: Affin Bank Berhad; Axa Mediterranean Holding; Axa SA; Generali Asia N.V.;

Author: Sonia Carcano