A US-based healthcare behemoth is buying the life insurance business of an Australasian bank
Chapman Tripp has helped an Australasian banking giant sell its New Zealand life insurance business.
The top-tier firm advised ANZ Bank New Zealand on the sale of OnePath Life NZ to Cigna Corporation. The US-based healthcare services company is buying the business for $700m.
Chapman Tripp helped negotiate a 20-year alliance between ANZ and Cigna for the latter to provide insurance solutions for ANZ customers.
Tim Tubman, the firm’s lead partner on the deal, said that the sale was complex because ANZ was looking to optimise the outcome with an appropriate strategic partner.
“The sale is important for ANZ as it is part of a wider strategy to simplify its business and focus on core banking activities and improve capital efficiency,” he said.
Chapman Tripp provided expert advice on all aspects of the sale, including structure, vendor due diligence, documentation, negotiation, tax matters, employment matters, implementation, and transitional arrangements.
The work follows major deals the firm has acted on for vendors. Chapman Tripp was recently the lead New Zealand firm for Austria-based Shell in its sale of its upstream business in New Zealand to OMV for US$578m.
Ashurst acted for OMV, whose local firm was Simpson Grierson.
Chapman Tripp also acted for Icebreaker in its recent sale to VF corporation for $228m. The firm was ranked first in Mergermarket’s 1Q2018 M&A league tables in both deal count and value.
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