Norton Rose Fulbright advises Zurich Insurance on the sale of Benestar

Global law firm Norton Rose Fulbright has assisted Cover-More, a subsidiary of Zurich Insurance, on the sale of Benestar to TELUS Corporation, a TSX and NYSE listed wellbeing provider.

Benestar is a leading employee assistance program (EAP) and workplace wellbeing provider in Australia and New Zealand.  The transaction includes the opportunity for LifeWorks, a subsidiary of TELUS, to provide certain EAP services to Zurich’s global clients on a non-exclusive basis. 

The Norton Rose Fulbright team’s role included all aspects of the transaction, including structuring, conducting vendor due diligence and negotiating transaction documents. The firm’s technology and insurance teams assisted with complex transition and separation issues in relation to the proposed divestment.   

Norton Rose Fulbright corporate M&A partner Jasmine Sprange commented:

“We are pleased to have assisted our long-time clients Zurich and Cover-More on this deal. This transaction was an important part of Cover-More’s focus on its core business of global travel insurance, medical assistance and travel risk management. Our multi-jurisdictional team’s expertise across M&A, technology and insurance has enabled the integrated delivery of this important transaction.”

The Sydney-based Norton Rose Fulbright corporate team advising Zurich was led by M&A partner Jasmine Sprange supported by senior associate Bill Lo and associate Gabriel Bowes-Whitton. The team also included technology partner Peter Mulligan and senior associate Kirk Boladeras, and insurance partner Ray Giblet and senior associate Tim Chan. Competition advice was provided by partner Claire Forster and special counsel Zoe Lonard.  The London-based team was led by partners Nicholas Berry and James Russell.

Norton Rose Fulbright has advised on a range of other prominent recent deals in Australia, including:

• advising global consulting, construction, engineering and operating company Egis on its acquisition of sustainable engineering and consulting services business Calibre Professional Services.
• advising Colliers, a leading international diversified professional services and investment management company, on its acquisition of a controlling interest in engineering and urban design group PEAKURBAN.
• advising global high-tech engineering group Sandvik on its agreement to acquire Australian advanced optimisation software and services company, Polymathian Industrial Mathematics.
• advising Sandvik on its proposed acquisition of Deswik Group, a Brisbane-based software business that focuses on mining industry products.
• acting as legal advisors for Gaw Capital Partners on its majority investment in Maoneng Group’s portfolio of BESS and solar development projects across Australia. 
• advised the leading green fuel developer InterContinental Energy on bp’s entry into the Asian Renewable Energy Hub (also known as the AREH project).
• advising Federation Asset Management on its investment in the Riverina and Darlington Point Battery Energy Storage Systems (BESS) in New South Wales.
• advising in relation to bp’s entry into the Asian Renewable Energy Hub – the world’s largest renewables and green hydrogen energy hub planned for the Pilbara region of Western Australia,
• advising ENEOS on its Joint Venture with TotalEnergies to develop onsite B2B solar distributed generation across Asia.