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AMP advised on 3 components of ‘strategy reset’
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AMP advised on 3 components of ‘strategy reset’

AMP

King & Wood Mallesons has advised financial services giant AMP Limited on three “key components” of its company strategy reset.

Firm: KWM (AMP)

Deal: KWM has advised AMP on a revised agreement to sell AMP Life to Resolution Life, which will see consideration of $3 billion, including a $2.5 billion in cash and $500 million equity interest in Resolution Life Australia.

Moreover, KWM advised on the $650 million capital raising via a fully underwritten placement to institutional investors, and additional share purchase plan for eligible retail investors.

Value: $3.65 billion

Area: M&A, equity capital markets, corporate advisory.

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Key players: The KWM deal team was led by partners Jason Watts, Henrik Moritz, Tim Bednall, Bryony Evans, David Friedlander and Nathan Hodge.

Deal significance: Commenting on the agreement to sell AMP Life, Mr Watts said: “We were very pleased to see this come to fruition. the pathway to a simpler, more agile business that will enable AMP to focus on its higher growth businesses.”

And speaking about the capital raising, Mr Friedlander said: “Having acted for AMP for over 165 years, we were incredibly pleased to advise AMP in creating an immediate opportunity to implement its new strategy and fund ongoing growth across the core businesses.”

The sale of AMP Life is expected to complete in the first half of 2020.

Jerome Doraisamy

Jerome Doraisamy

Jerome Doraisamy is a senior writer for Lawyers Weekly and Wellness Daily at Momentum Media.

Jerome is an admitted solicitor in New South Wales and, prior to joining the team in early 2018, he worked in both commercial and governmental legal roles and has worked as a public speaker and consultant to law firms, universities and high schools across the country and internationally. He is also the author of The Wellness Doctrines self-help book series and is an adjunct lecturer at the University of Western Australia.

Jerome graduated from the University of Technology, Sydney with a Bachelor of Laws and Bachelor of Arts in Communication (Social Inquiry).

You can email Jerome at: This email address is being protected from spambots. You need JavaScript enabled to view it. 

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