subscribe to our newsletter sign up
Global insurance giant to acquire Cover-More
Breaking
Lawyer appointed Commonwealth Bank deputy CEO:

Global insurance giant to acquire Cover-More

Zurich has entered into a scheme of implementation agreement to acquire Cover-More.

Firm: Gilbert + Tobin (Cover-More); King & Wood Mallesons (Zurich Insurance Group)

Deal: Proposed takeover of Cover-More by Zurich Insurance Group

Value: $741 million

Area: M&A

Key players: Gilbert + Tobin partners Tim Gordon and John Williamson-Noble led the deal, with assistance from lawyers Chris Morse and Jenny Leung.

Deal significance:

Cover-More and Zurich have entered into a scheme of implementation agreement, which will result in Zurich acquiring all shares at $1.95 per share in Cover-More, if implemented.

“I think it’s quite a credit to the business that Cover-More has built in Australia, and in the way that Cover-More has expanded through the world, that it has attracted a global player like Zurich,” Gilbert + Tobin partner Tim Gordon told Lawyers Weekly.

“Zurich is a global player and they’ve obviously identified Cover-More, which is an innovative Australian business, as something that they want to use as part of their global network on travel insurance.”

Cover-More’s directors have unanimously recommended that shareholders vote in favour of the scheme, which is subject to FIRB approval and approvals under the Hart-Scott-Rodino Antitrust Improvements Act 1976 and Financial Services and Markets Act (2000) (UK).

Gilbert + Tobin acted on Cover-More’s IPO in 2013 and since then, has acted on acquisition in India and the US.

“Now to see them attract the attention of a player like Zurich, it’s really rewarding for a business that we helped take to the market in the first place,” Mr Gordon said.

He said the firm has been busy in the M&A space over the past six months, having acted on the SAI Global deal and Qube’s acquisition of Asciano.

“We’ve done a really large number of deals… it seems like corporates are willing to be aggressive and ambitious with their acquisition activity,” Mr Gordon said. 

Promoted content
Recommended by Spike Native Network