Ashurst has acted on the $2.4bn acquisition of MLC Limited by Nippon Life Insurance.
Entering into a definitive agreement to acquire 80 per cent of MLC from National Australia Bank, MLC Limited will become a subsidiary of Nippon Life upon closing. NAB will hold onto its 20 per cent stake in MLC.
Natsuko Ogawa led the Ashurst team, advising Nippon Life Insurance in their first overseas majority acquisition.
“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. Like so many successful Japan-Australia investments before it, this transaction is not just a business acquisition but at its bedrock, it will establish a long term partnership that brings together the complementary skills and resources of its partners,” Ogawa said.
“Ashurst is proud to have been able to work with Nishimura & Asahi, one of Japan's leading law firms, to assist Nippon Life with this transaction.”
Australia remains an attractive market for life insurers as the population continues to grow.
The deal is subject to consideration by Australian and Japanese regulatory authorities.