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Top-tier firms advise on Macquarie life insurance business sale
Two firms have advised on Zurich Australia’s acquisition of Macquarie’s life insurance business.
Felicity Nelson
Firms: King & Wood Mallesons (Macquarie); Minter Ellison (Zurich)
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Deal: Macquarie sold its life insurance business to Zurich Australia.
Value: Undisclosed
Area: M&A
Key players: The KWM was led by partner Evie Bruce along with partners Jim Boynton and Nathan Hodge. They were supported by senior associates Henrik Moritz, Bryony Evans and Veronica Oh, as well as solicitors Jarred Bambridge and Emily Rich.
Deal significance: Zurich Australia is owned by Switzerland-based Zurich Insurance Group, one of the world’s largest insurers.
KWM advised Macquarie on all aspects of the deal including M&A, insurance law and the court-approved scheme process to be undertaken for the implementation of the transaction.
The transaction is expected to be completed within a few months. Following completion of the transaction, Macquarie Life policyholders will become customers of Zurich.
Commenting on the deal, Mr Bruce said: “The deal bought together cross practice KWM teams who worked together around the clock to enable our client to execute the deal within the required time frames.”
