Slaughter and May is advising Prudential plc on a $500 million equity investment by Athene into its US business alongside a reinsurance agreement

Slaughter and May is advising Prudential plc (Prudential) on the UK and Hong Kong legal aspects of a $500 million equity investment by Athene Holding Ltd (Athene) into its US business alongside a reinsurance agreement.

Athene’s subsidiary, Athene Life Re Ltd, will invest $500 million in Prudential’s US business in return for an 11.1 per cent. economic interest (and a 9.9 per cent. voting interest). Athene Life Re Ltd has also fully reinsured a $27.6 billion in-force portfolio of US fixed and fixed indexed annuity liabilities under a long-term arrangement. The reinsurance agreement is effective as at 1 June 2020. The common equity investment is subject to US antitrust filings, and is expected to complete in July 2020.

Slaughter and May worked alongside Debevoise & Plimpton (who advised on matters of US law) to support Prudential’s in-house legal team, led by Simon Ramage (Director of Group Legal) and Abbe Martineau (Senior Legal Counsel).

Corporate
Roland Turnill Partner
Natalie Cook Partner
Oliver Broomfield Associate
Hong Kong
Clara Choi Partner
Nicola Lui Associate
Jiayi Li Associate