Firms: Ashurst (Nippon Life Insurance Company); Herbert Smith Freehills (NAB); Nishimura & Asahi (MLC Limited)
Deal: Nippon Life will acquire 80 per cent of MLC Limited’s outstanding shares.
Value: $2.4 billion
Key players: Natsuko Ogawa (pictured) led the Ashurst team, assisted by Jane Harvey, Richard Bunting, Lisa Simmons, Con Tzerefos, Rehana Box, Peter Chalk, Vivian Chang, Barbara Phair and Tim Brookes.
Deal significance: Japanese insurance company Nippon Life has entered into a definitive agreement to acquire 80 per cent of the outstanding shares of MLC Limited (MLC).
MLC is a subsidiary of NAB, and will enter into a 20-year distribution agreement with NAB.
NAB will continue to hold the remaining 20 per cent of the outstanding shares of MLC and seek to expand MLC’s business together with Nippon Life.
MLC will become a subsidiary of Nippon Life upon closing, which is anticipated to be between September and December 2016.
Ashurst lead partner Natsuko Ogawa said: “Nippon Life's acquisition of MLC is an exciting milestone for Japanese investment in the Australian financial services sector, and more particularly in life insurance.”