Old Mutual - Proposed sale of Nordic Business (excluding Finland) for £2.1 billion

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Slaughter and May, working as an integrated team with Roschier, is advising Old Mutual plc ('Old Mutual') on the proposed sale of its Nordic business comprising Old Mutual's long-term savings and banking operations in Sweden, Denmark and Norway operating under the Skandia brand to Skandia Liv for SEK22.5 billion (£2.1 billion) in cash.

Old Mutual will retain ownership of and continue to use the Skandia brand following completion in markets outside of Sweden, Denmark and Norway.

The disposal, which was announced on 15 December 2011, is conditional on the approval of Old Mutual shareholders at an Extraordinary General Meeting as well as regulatory and competition authority and other approvals. Completion of the transaction is expected to take place towards the end of the first quarter of 2012.

Established in 1855 in Stockholm, Nordic is one of the largest life assurers in Sweden.

Old Mutual is an international long-term savings, protection and investment Group which is listed on the London Stock Exchange and the Johannesburg Stock Exchange, among others.

Corporate and Insurance: Craig Cleaver (partner), John Papanichola (partner), Glen James (partner), Victoria Moore (visiting lawyer), William Tong (associate); IP/IT: David Ives (partner), Brett Sherrard (associate); Tax: Sara Luder (partner), James Wood (associate); Financing: Matthew Tobin (partner)

Hong Kong office: David Watkins (partner), Natalie Yeung (associate), Simon Chan (associate)

The Roschier team was led by Ola Ahman and Emil Hedberg.