Source: MIL-OSI Submissions
Source: MinterEllisonRuddWatts
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.
MinterEllison, MinterEllisonRuddWatts 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.
MinterEllison Head of Asia, Partner Ben Smith led the Trans-Tasman team which included partners John Conlan, Lloyd Kavanagh, Rodney Craig and Andrew Ryan, along with senior associates Lauren Archer, Maria Collett-Bevan and Kevin Lee.
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.”
Partner Lloyd Kavanagh, Senior Financial Services Partner 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.”
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.”
The acquisition is subject to customary conditions (including required regulatory approvals).
Chapman Tripp advised Partners Life and Bell Gully advised Blackstone, the largest Partners Life shareholder.
