Freehills, Henry Davis York and Baker & McKenzie are acting on the recently announced $195 million sale of Bupa Australia's life insurance and wealth management business to MMC Contrarian Ltd (MMC).
Freehills is acting for Bupa Australia on the deal, while HDY is advising MMC in relation to the sale and Bakers is advising MMC in relation to capital raising.
Bupa Australia will enter into a long-term distribution alliance with MMC, involving the sale of life risk and wealth management products to Bupa Australia's customers, as well as the sale of Bupa Australia's private health insurance products to MMC's customers.
Freehills partner Brad Russell - who was assisted by Terry Brigden, John Natal, Lisa Rava and Nick Conway - said of the deal, "The transaction is part of Bupa Australia's evolution as a leading healthcare company following the merger with MBF in June 2008.
"The combined sale and distribution alliance structure was identified as the best way for Bupa Australia to deliver access to a broader range of life risk and wealth management products for its customers."
The success of the sale is subject to regulatory and MMC shareholder approvals as well as the capital raising being undertaken by MMC.
It is expected to be finalised in June.