Abbey National - Sale of Life Insurance Businesses

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Slaughter and May is advising Abbey National plc (Abbey) on the proposed sale of its UK and offshore life insurance businesses, together with the associated new business infrastructure and service companies, to Resolution plc. The total consideration for these disposals will be £3.6 billion.

Separately, Abbey has also signed long term distribution agreements with Resolution whereby Resolution will provide Abbey with Abbey branded life and pensions products for distribution via Abbey branches and Scottish Provident branded products for distribution via Abbey broker consultants to intermediaries.

The disposal and distribution agreements were announced on 7 June, 2006.

Mark Bennett (partner), Simon Robinson (partner), Oliver Wareham (partner), Robert Chaplin (partner), Carl Della –Bosca (associate), Peter Wilson (associate), Thomas Alabaster (associate), Richard Jones (associate), Financial Regulation: Charles Harvey–Kelly (partner), Gus Black (associate); Intellectual Property/Information Technology: Cathy Connolly (partner), Dominic Dryden (associate); Commercial Real Estate: Dermot Rice (partner), Richard Todd (associate); Tax: Sara Luder (partner), Dr Simon Letherman (associate); Pensions and Employment: Roland Doughty (partner)