acted for ANZ on the sale of its life insurance business for $2.85bn and its OnePath pensions and investments and aligned dealer groups business for $975m.
It is understood King & Wood Mallesons acted for Zurich Financial Services Australia, which bought the life insurances business in two transactions. These transactions include a $1bn upfront reinsurance commission from Zurich.
OnePath was acquired by IOOF Holdings. Gilbert + Tobin (G+T) and Baker McKenzie
earlier confirmed their roles on the transaction
. G+T acted for IOOF while Baker McKenzie acted in Australia and the US for Morgan Stanley, the sole underwriter of the $461m institutional placement that partly funded the acquisition.
Allens said that it fielded a team of lawyers from its M&A; capital markets; funds; technology, media and telecoms; competition; tax; intellectual property; property, banking and finance; and disputes and investigations groups for the transaction.
Robert Simkiss was the firm’s lead partner on the deal. He was supported by partners Craig Henderson, Michelle Levy, Michael Park, Michael Morris, Martin Fry, Tim Golder, Simon Dewberry and Fiona Crosbie.
Michael Mathieson, senior regulatory counsel, as well as managing associates Jessica Choong and Felicity McMahon, also assisted.
Senior associates Magnus Mason, Alice Williams, Nadia Guadagn, Lauren John, Sandi Montalto, and Harini Amarasinghe also acted on the deal. They were also assisted by associates Simone Kaser, Nathan Ramanlal and Leah Wickman; and lawyers Emily Rothfield, Philip Hilton, Lisa Jueres, Mohamed Khairat, and Grace Walton.
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One of the country’s top firms has helped Australia and New Zealand Banking Group (ANZ) simplify its Wealth Australia business.