find the latest legal job
Monash University Director Workplace Relations
Category: Industrial Relations and Employment Law | Location: All Melbourne VIC
· Exceptional senior leadership role
View details
Personal Injury Lawyer - Melbourne Eastern Suburbs - 2-5 years PAE
Category: Personal Injury Law | Location: Lilydale VIC 3140
· Fulfilling role as part of a small team in a positive workplace
View details
Legal Counsel
Category: Banking and Finance Law | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· In-house opportunity · Be part of our engine for success in a high growth business
View details
Trainer/Assessor Diploma of Legal Services
Category: Other | Location: Liverpool NSW 2170
· 3 Days Per Week · 9am - 4pm
View details
Corporate and Commercial Partner
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Adelaide CBD · Join a leading Adelaide commercial law firm
View details
Aviva sale a sign of resilience

Aviva sale a sign of resilience

Allens Arthur Robinson and Freehills have orchestrated the sale of Aviva Australia Holdings Ltd to the National Australia Bank (NAB)._x000D_ _x000D_

Allens Arthur Robinson and Freehills have orchestrated the sale of Aviva Australia Holdings Ltd to the National Australia Bank (NAB).

Allens acted for Aviva plc, one of the world’s largest insurance groups, on the transaction, which is subject to approval by the ACCC and APRA. Freehills represented the NAB.

The deal includes the sale of the Australian life insurance operations and wealth management platform Navigator, and is valued at $825 million. Agreement was reached on 21 June, and prior to completion Aviva Australia Holdings will pay a $40 million dividend to its parent.

Craig Henderson, who headed the Allens team, said the deal was unusual because the firm dealt with multiple bidders throughout the process.

“Normally, at some stage in the process you would select a preferred bidder and negotiate exclusively with that party,” he said. 

“In this instance, we were required to work closely with Aviva and negotiate all the documentation for multiple bidders. Therefore, it was an intensive process, however one that achieved the best result possible for Aviva.”

He added that the technique, which maintained “auction tension” until the last minute, was a major factor in Aviva’s successful result and would “probably be replicated where possible”.

“The deal is also significant as it provides evidence of the relative resilience of Australia's financial services industry,” Henderson said. 

“The level of interest that the sale attracted, and the price obtained, demonstrated that M&A activity in the financial services sector in Australia is still a real possibility, notwithstanding the battering that the sector has taken globally. 

“In many other countries, a seller of an asset of this nature would be hard pressed to receive full value.”

Allens partner Robert Simkiss and senior lawyers Christine Swan and Toby Woods, worked with Henderson on the deal.

Partner Mark Crean led Freehills’ team on the transaction, working with Justin O’Farrell and David Cooper, and senior associates Mark Currell, Robert Bileckij and Sarah Yu. 

The complexity and speed of the transaction necessitated cross-practice group cooperation involving lawyers from the firm’s corporate, financial services, IT, employee relations, competition, property and litigation practice areas.

Goldman Sachs JBWere led the advisory, KPMG provided accounting advice and Deloitte provided tax advice on the transaction.

Promoted content
Recommended by Spike Native Network