Singapore team advises consortium on combination of Singlife and Aviva’s Singapore businesses for SG$3.2bn

Global law firm Norton Rose Fulbright worked together with Latham & Watkins advising a consortium, led by Singapore Life (Singlife) and TPG, on the combination of Singlife with Aviva Singapore for SG$3.2bn (approximately. US$2.4bn). The consortium included Sumitomo and IPGL and the transaction completed on November 30, 2020.  Norton Rose Fulbright conducted the legal due diligence and advised on the regulatory, transitional services and brand licensing aspects of the deal. The firm is also advising the new group on the scheme of transfer to combine the two insurance companies in the new group.

The completed transaction followed an issuance of Notes comprising Tier 2 regulatory capital and Aviva’s consideration included a tranche of marketable securities constituting AT1 regulatory capital.

Anna Tipping, Head of Norton Rose Fulbright’s Asia Pacific insurance practice and corporate finance partner, who led on the deal, commented:

“We are delighted to have advised the consortium on the largest-ever insurance deal in Singapore; a transaction that epitomises the spirit of partnership, excellence and innovation.”

The Singapore team also included partner Colin Rice, counsels David Olds, senior associates Jess Paulin and Nivedita Raghavan and associates Dexter Tan, Mary McCartin, Lee Ji En and George Mason, with assistance from London based associate Dan Harman. The team was supported on due diligence by Johannesburg-based director Loris Rech, senior associate Ugendran Odayar and Nick Gordon. Additional due diligence support was provided by senior associate Joanna Braciszewska and associate Aneta Janecka from the firm’s Warsaw office. Norton Rose Fulbright’s alliance firm, Ascendant Legal, advised on Singapore law aspects of the transaction, led by counsels Jeremiah Chew, Mabelle Tay, Lynette Low.