Slaughters and Norton Rose head Resolution's £2.75bn bid for AXA
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 firm 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.
June 22, 2010 at 01:06 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 firm 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 that 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.
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 Linklaters has been instructed to advise the banks on the transaction, although the firm declined to comment.
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