Tokyo-listed global insurer, Dai-ichi Life, has entered into an agreement to purchase New Zealand life insurer, Partners Life. The transaction will result in Dai-ichi Life acquiring 100% of the shares in Partners Group Holding Limited, the parent company of Partners Life Limited.
MinterEllisonRuddWatts, MinterEllison and Baker McKenzie (Japan), advised Dai-ichi Life on the acquisition, which values Partners Life at just under NZD1 billion and sees the New Zealand business gain access to significant capital and global industry expertise to assist its continued growth objectives.
The trans-Tasman team included partners John Conlan, Lloyd Kavanagh, Rodney Craig and Andrew Ryan, along with senior associates Lauren Archer and Maria Collett-Bevan from MinterEllisonRuddWatts, and Partner Ben Smith and Senior Associate Kevin Lee of MinterEllison.
Leading M&A Partner John Conlan said: “It’s fantastic to see Dai-ichi Life continue to strengthen and diversify its overseas business portfolio. Dai-ichi Life’s scale and industry knowledge will present new opportunities for the Partners Life business.”
Senior Financial Services Partner, Lloyd Kavanagh noted: “This has been a complex transaction which we have been privileged to work closely on with Dai-ichi Life. We look forward to seeing this deal through to closing and supporting our client on their new investment.”
Partner Ben Smith said: “It’s been an absolute pleasure working with the Dai-ichi Life team on their expansion into the New Zealand life insurance market. This deal demonstrates the pre-eminence of our Japan practice and the strength of our trans-Tasman corporate platform.”
The acquisition is subject to customary conditions (including required regulatory approvals).
Chapman Tripp advised Partners Life and Bell Gully advised Blackstone, Partners Life’s largest shareholder.
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