Clifford Chance (CC), Freshfields Bruckhaus Deringer and Skadden Arps Slate Meagher & Flom have all secured advisory roles on Deutsche Bank's £935m sale of Abbey Life to Phoenix Group.

Skadden's London arm advised Phoenix Group with a team led by corporate and insurance partner Robert Stirling, M&A partner Linda Davies, corporate finance partner Danny Tricot and tax partner James Anderson.

Phoenix's internal team was led by general counsel Quentin Zentner and director of legal Phil Hagan.

Freshfields also advised Phoenix, acting on the debt aspects of the deal with a team led by London banking partner Sean Pierce, who is also co-head of the firm's global financial services sector group.

CC advised Deutsche with a team including London-based M&A partners Hilary Evenett and Narind Singh.

Herbert Smith Freehills advised the underwriting banks with a team led by corporate partners Mike Flockhart and Malcolm Lombers.

The deal will boost Deutsche's capital position after the German lender saw its share price drop to its lowest level for more than two decades this week.

The acquisition will add £10bn of assets under management and approximately 735,000 policyholders to Phoenix's portfolio.

Last year, Slaughter and May, Paul Weiss Rifkind Wharton & Garrison and Hengeler Mueller advised Deutsche Bank as it was hit with a record $2.5bn (£1.7bn) fine for its part in the Libor manipulation scandal.

Deutsche had to pay $2.2bn (£1.5bn) to US regulators and £227m ($340m) to the UK's Financial Conduct Authority.