Aviva - Sale of offshore operations to WNS

  • 11 Aug 2008
 

In one of the biggest business process outsourcing (BPO) transactions in the financial services sector, Slaughter and May advised Aviva plc on the sale of its offshore operations, Aviva Global Services, to WNS (Holdings) Limited for cash consideration of £115 million, including business process operations in India and Sri Lanka comprising over 5800 seats. The transaction will enable Aviva, the leading provider of life and pension products in Europe (including the UK), to realise the value of the offshoring operations it has been developing since 2003, while continuing to benefit from the expertise it has established in that time.

The parties also entered into a Master Services Agreement (MSA), which sees WNS become the long-term strategic BPO service provider to Aviva's business units located in the UK, Canada and Ireland for a period of eight years and four months. Based on the anticipated service requirements of these businesses, it is estimated that the MSA could generate around $1 billion in revenues over the life of the contract.

 
 

Contacts

 

Outsourcing: Rob Sumroy (partner), Martin Cook (associate), Sarah Perrin (associate), Sarah Campbell (associate), Jordina James (associate), Louisa Christofidou (associate), Alex Dunn (associate), Elizabeth Smith (associate); Corporate: Jonathan Marks (partner), Jeff Triggs (partner), Tom Wheeler (associate), Marie Bates (associate), James Williams (associate); Pensions and Employment: Eleanor Taylor (associate); Dispute Resolution: Ewan Brown (partner), Matthew Bunting (associate); Tax: Graham Earles (partner), Ruth Evans (associate)

 
List of all recent work