Osborne Clarke (OC), DLA Piper and Lovells have advised on Insurance Australia Group's (IAG) £570m buy-out of Equity Insurance Group (EIG).

The deal, which closed last month, saw IAG take on EIG – one of the UK's largest motor underwriters and brokers, with a network of call centres and more than 70 high street branches across the UK.

OC advised the EIG management on the deal on the back of its existing relationship with the client. The firm acted on the company's 2005 sale to a consortium that included private equity houses Duke Street Capital and Englefield.

OC corporate partner Keir Barrie led the team, with support from tax partner Michael Bell, incentives partner Karen Cooper and corporate associate Catherine Williams.

Although the firm only took a secondary role, the mandate represents one of OC's largest M&A transactions of recent times. Barrie commented: "We've been steadily moving up the food chain. As our London office has grown, [so] has our credibility in the marketplace."

DLA Piper advised EIG shareholders and regular clients Duke Street and Englefield on the deal. London-based corporate partner Andrew Harris took the lead role.

The deal also generated a key role for Lovells, which acted for Australia Group, one of the largest general insurers in the region. Corporate insurance partner Tim Goggin led the team for the City giant.