Slaughters and Norton Rose head up Resolution's £2.75bn AXA bid
Slaughter and May and Norton Rose have taken lead roles on the potential £2.75bn takeover of AXA's UK life assurance business by Resolution. Slaughters is advising Resolution, the owner of life insurance giant Friends Provident, on its bid for AXA's UK life and savings operations which, if it confirmed, will be funded in part by a pre-emptive £2bn rights issue by Resolution.
June 17, 2010 at 09:24 AM
2 minute read
Slaughter and May and Norton Rose have taken lead roles on the potential £2.75bn takeover of AXA's UK life assurance business by Resolution.
Slaughters is advising Resolution, the owner of life insurance giant Friends Provident, on its bid for AXA's UK life and savings operations which, if confirmed, will be funded in part by a pre-emptive £2bn rights issue by Resolution.
AXA is set to retain its wealth management and direct protection businesses and has stated it remains committed to all its other UK-based businesses, which include AXA Insurance and AXA PPP Healthcare.
If the takeover goes ahead, Resolution intends to merge the acquired AXA business with its Friends Provident operations which Resolution acquired for £1.86bn last year.
Slaughters corporate partners Jeff Twentyman and Kathy Hughes are advising long-term client Resolution on the AXA deal, after both also advised the investment fund on its Friends Provident takeover.
Meanwhile, Norton Rose corporate partner Martin Scott is heading up a team advising AXA after the firm was reappointed to the company's panel last year.
It is understood that Linklaters has been instructed to advise the banks on the transaction, although the firm declined to comment.
This is the latest deal in the insurance sector to see Slaughters and Norton Rose act opposite each other, after both firms took roles on Prudential's failed takeover of AIG in March, with Slaughters advising the former and Norton Rose the latter.
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