Deal: ANZ has been advised on the simplification of its Wealth Australia business, including the sale of its life insurance business for $2.85 billion and its OnePath pensions and investments and aligned dealer groups business for $975 million.

According to a statement from Allens, ANZ's life insurance business was sold to Zurich Financial Services Australia in two transactions, including $1 billion of upfront reinsurance commission from Zurich.

ANZ's OnePath pensions and investments and aligned dealer groups businesses were sold to IOOF Holdings for $975 million in October, the firm noted.

Area: Banking and finance, M&A

Key players: The Allens team was led by partner Robert Simkiss, with assistance from partners Craig Henderson, Michelle Levy, Michael Park, Michael Morris, Martin Fry, Tim Golder, Simon Dewberry and Fiona Crosbie.

Senior regulatory counsel – funds super wealth Michael Mathieson also assisted, as did managing associates Jessica Choong and Felicity McMahon. 

The team was also supported by senior associates Magnus Mason, Alice Williams, Nadia Guadagn, Lauren John, Sandi Montalto and Harini Amarasinghe; associates
Simone Kaser, Nathan Ramanlal and Leah Wickman; and lawyers Emily Rothfield, Philip Hilton, Lisa Jueres, Mohamed Khairat and Grace Walton.

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Deal significance: According to the statement from Allens, the sale of the businesses will see ANZ enter into 20-year strategic alliances with Zurich and IOOF to offer life insurance solutions, and superannuation and investment products, to ANZ's customers.

"We are delighted to have assisted ANZ on the successful simplification of its Wealth Australia business, which will help the bank create greater value
for shareholders while continuing to provide outstanding service to customers," said lead partner Robert Simkiss.

Both sales are expected to reach completion in late 2018, subject to regulatory approvals.