Allens has advised ANZ on the simplification of its Wealth Australia business, including the sale of its life insurance business for $2.85 billion and its OnePath pensions and investments and aligned dealer groups business for $975 million.
ANZ's life insurance business was sold to Zurich Financial Services Australia in two transactions, including $1 billion of upfront reinsurance commission from Zurich.
ANZ's OnePath pensions and investments and aligned dealer groups businesses were sold to IOOF Holdings for $975 million in October.
The sale of the businesses will also see ANZ enter into 20-year strategic alliances with Zurich and IOOF to offer life insurance solutions, and superannuation and investment products, to ANZ's customers.
Allens advised ANZ on all aspects of both transactions, drawing on expertise from its M&A and Capital Markets, Funds, Technology, Media & Telecommunications, Competition, Tax, Intellectual Property, Property, Banking & Finance and Disputes & Investigations teams.
'We are delighted to have assisted ANZ on the successful simplification of its Wealth Australia business, which will help the bank create greater value for shareholders while continuing to provide outstanding service to customers,' said lead partner Robert Simkiss.
Robert Simkiss and co-M&A partner Craig Henderson noted the significant level of M&A activity in the life insurance sector in 2017 and the possibility of this continuing into 2018.
Both sales are expected to reach completion in late 2018, subject to regulatory approvals.
Allens legal team
Robert Simkiss (Lead Partner), Craig Henderson (Partner – M&A), Michelle Levy (Partner – Funds Super Wealth), Michael Park (Partner – Technology), Michael Morris (Partner – Technology), Martin Fry (Partner – Tax), Tim Golder (Partner – IP), Simon Dewberry (Partner – Employment), Fiona Crosbie (Partner – Competition), Michael Mathieson (Senior Regulatory Counsel – Funds Super Wealth), Jessica Choong (Managing Associate – M&A), Felicity McMahon (Managing Associate – Competition), Magnus Mason (Senior Associate – M&A), Alice Williams (Senior Associate – Technology), Nadia Guadagno (Senior Associate – IP), Lauren John (Senior Associate – IP), Sandi Montalto (Senior Associate – M&A), Harini Amarasinghe (Associate – M&A), Simone Kaser (Associate – M&A), Nathan Ramanlal (Associate – M&A), Leah Wickman (Associate – Technology), Emily Rothfield (Lawyer – M&A), Philip Hilton (Lawyer – M&A), Lisa Jueres (Lawyer – M&A), Mohamed Khairat (Lawyer – Technology) and Grace Walton (Lawyer – Technology)
Notes for editors.
Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.