Slaughter and May is advising Aviva plc (“Aviva”) on its sale of a majority shareholding in Aviva Singapore to a consortium led by Singapore Life Ltd (“Singlife”). The total consideration upon completion will be SGD 2.7 billion (£1.6 billion) which is comprised of SGD 2.0 billion (£1.2 billion) in cash and marketable cash instruments, SGD 250 million in vendor finance notes and a 25% shareholding in the new combined group.
The Singlife consortium includes TPG, a leading global private equity investor, which will become the largest shareholder in the new group upon completion, Sumitomo Life, a leading Japanese insurer, and other existing Singlife shareholders.
The transaction is subject to customary closing conditions, including regulatory approval.
Slaughter and May, led by corporate partners Richard Smith and Claire Jackson, have been working closely with the Aviva legal team, which is led by Neil Harrison (General CounselGroup, Digital & Asia). Allen & Gledhill are advising on the Singapore law aspects of the transactions