Slaughter and May, local trio advise as Standard Life sells Canadian operation for £2.2bn
A trio of local heavyweights secured the mandates alongside Slaughter and May advising Standard Life on the £2.2bn sale of its Canadian business to Toronto headquartered insurer Manulife.
September 04, 2014 at 07:13 PM
2 minute read
A trio of local heavyweights secured the mandates alongside Slaughter and May advising Standard Life on the £2.2bn sale of its Canadian business to Toronto headquartered insurer Manulife.
The disposal will include Standard Life's Canadian long-term savings and retirement, individual and group insurance businesses, as well as its investment management arm in the country, Standard Life Investments Inc.
The deal is expected to close next year, at which point Standard Life intends to return £1.75bn of capital, or 73p a share, to shareholders.
Slaughters is advising longstanding client Standard Life on English law aspects of the deal, as well as the return of capital to stakeholders, while Canada's Blake Cassels has taken the overall lead role.
Fellow 'seven sisters' firms Osler Hoskin & Harcourt andTorys are advising Manulife on the deal.
Osler is leading on M&A aspects for Manulife, fielding a four-partner team led by business law partner Terry Burgoyne. Fellow business law partner Victoria Graham is also on the deal team, along with partners Michelle Lally in competition and Kimberley Wharram in taxation.
Torys is acting for Manulife on the acquisition financing, led by David Seville, Thomas Yeo, Jonathan Cescon, Sarah Carter and Frazer House, all partners in the corporate securities law team, with tax partner Catrina Card also advising.
Manulife is now the largest insurer in Canada after merging with Boston insurer John Hancock in 2003, a deal on which Torys also had a role.
Standard Life relationship partner Jonathan Marks is leading the team for Slaughters alongside corporate partner Craig Cleaver.
Marks also led the firm's team earlier this year when it advised on the Standard Life's £390m acquisition of fund manager Ignis Asset Management. The insurance giant has been a Slaughters client since 2004.
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