Slaughter and May and Skadden advise on £3.2bn Standard Life Aberdeen insurance sale
Top UK and US firms lead as newly merged investment company sells insurance unit to Phoenix Group
February 25, 2018 at 07:13 PM
2 minute read
Slaughter and May and Skadden Arps Slate Meagher & Flom are advising on the £3.24bn sale of Standard Life Aberdeen's (SLA) insurance business to FTSE 250 insurer Phoenix Group.
The unit being sold, Edinburgh-based Standard Life Assurance Limited, is one of the UK's oldest insurance companies.
Parent company SLA said it would receive £2.3bn in cash and a 19.9% stake in Phoenix as part of the deal.
Slaughters is acting for SLA with a team led by City corporate partner Jonathan Marks. The magic circle firm is working alongside SLA's in-house legal team, which is led by group general counsel Rushad Abadan and supported by Sara De Busk, head of general counsel's office, senior legal counsel Benjamin Brust and legal counsel Gayle Bacchus.
CMS conducted due diligence on behalf of SLA.
Slaughters previously advised SLA on last year's merger between Standard Life and fund manager Aberdeen Asset Management, which completed in August.
Meanwhile, Skadden is representing Phoenix with a London-based team led by private equity partner Robert Stirling, capital markets partner Danny Tricot, investment management partner Stephen Sims and tax partner James Anderson.
Freshfields also acted for Phoenix on debt finance matters with banking partner Sean Pierce.
Irish firm William Fry also played a role, acting for Phoenix on the Irish legal aspects of the deal with Dublin M&A partner Eavan Saunders in the lead.
Last year's merger of Standard Life and Aberdeen Asset Management also handed roles to Freshfields Bruckhaus Deringer and Maclay Murray & Spens, both of which advised Aberdeen. Maclays has subsequently completed a merger with Dentons.
The firms advising on that deal will share almost £16m in legal fees for their work on the tie-up, with Freshfields and Maclays dividing up the £7.5m in legal costs estimated by Aberdeen, and Slaughters in line for £8.1m generated by its work for Standard Life, according to a scheme of arrangement published last year.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Paul Hastings , A&O Shearman Advise as 3 of Britain's Airports Change Hands
2 minute read
Big Law Leaders, Dealmakers Optimistic about M&A Deal Flow Under Trump, With Caveats
5 minute read
Trending Stories
- 1Rudy Giuliani's Attorneys Seek Withdrawal in Debt Enforcement Case
- 2SEC, South Florida Developer Rishi Kapoor Reach Settlement
- 3Senate Democrats Advance 4th Circuit Pick Ryan Park’s Nomination
- 4Judge Rejects Meta’s Plea to Send FTC Antitrust Suit to Trash Heap
- 5How Have You Fared in 2024? Share Your Insights in the Managing Partners Survey
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
