Allianz
Supporting Allianz to create a pan-African insurance giant
We supported Allianz with the highest quality legal advice, transaction support and counsel across 29 jurisdictions enabling them to join forces with Sanlam to create the largest pan-African non-banking financial services entity on the continent.
OVERVIEW
On 4 May 2022, Allianz and Sanlam announced their entry into agreements to, subject to certain conditions precedent, combine their operations in Africa (other than in South Africa). This agreement provided an exciting opportunity for them to leverage each other’s strengths to unlock synergies and provide their customers with best-in-class, innovative insurance solutions and technical excellence.
DELIVERING ON A TECHNICALLY COMPLICATED AND BESPOKE TRANSACTION
Allianz are a long-standing client, and turned to us to provide the trusted, strategic guidance needed to deliver this transformational transaction for their African operations. Working closely with Allianz’s in-house commercial, M&A and legal teams, we drew on a breadth of expertise across the firm to lead on strategic advice. Allianz benefitted from our ability to support on project management, negotiations, drafting joint venture documents and shareholder arrangements and drawing on specialist local legal advice from leading independent firms where required. Deal terms were highly bespoke and negotiations complex.
SEAMLESS SUPPORT ACROSS 29 JURISDICTIONS
Our experience advising clients within Africa spans more than 35 years across a variety of sectors and all manner of transactions, from complex infrastructure projects and project financing to mergers and acquisitions. This deep understanding of the distinctive complexities of doing business and operating within the region allowed us to provide Allianz with significant additional value. Utilising our long-built relationships with leading independent firms in Africa, we coordinated and implemented incisive advice in our role as global deal counsel.
HOW DID WE ADD VALUE?
Allianz and Sanlam approached the deal from different perspectives, particularly given the greater proximity to Sanlam’s home market in South Africa. We were instrumental in designing, negotiating and executing bespoke arrangements to address Allianz’s needs while making the transaction also work for Sanlam
Allianz could count on us, as a pre-eminent corporate firm, to achieve results. We led all negotiations, delivered key milestones, managed all counterparties and provided strategic and commercial advice on all aspects of the complex joint venture
Our relationship with Allianz has spanned decades, having worked closely with key board level figures over that time. Our unique understanding of Allianz’s global strategic objectives enabled us to manage the project in their best long-term interests, utilising the best and most appropriate knowledge from quality local firms