Slaughter and May, Linklaters on FWD's $3B Thai Insurance Deal
The deal, which will be the largest-ever insurance transaction in Southeast Asia, is the latest in a string of acquisitions by the insurer backed by Hong Kong tycoon Richard Li.
July 03, 2019 at 03:13 PM
2 minute read
Bangkok, Thailand. Credit: lOvE lOvE/Shutterstock.com
Magic Circle firms Slaughter and May and Linklaters have landed lead roles on the biggest-ever insurance deal in southeast Asia.
Hong Kong-based FWD Group Financial Services Pte. Ltd., an insurer backed by tycoon Richard Li, the youngest son of Hong Kong's richest person Li Ka-shing, is acquiring SCB Life Assurance Public Co. Ltd., the life insurance business of Thai lender Siam Commercial Bank Public Co. Ltd., for $3 billion, the largest-ever transaction in the industry in southeast Asia.
The deal is expected to be completed in the second half of this year, subject to approvals by regulators and Siam Commercial Bank's shareholders.
Slaughter and May Hong Kong partner Chris McGaffin is advising FWD. The Magic Circle firm previously advised FWD on its acquisition of U.S. insurance giant American International Group Inc.'s Japan life insurance business, AIG Fuji Life Insurance Co. Ltd., in 2016; the Japanese deal was led by London partner David Watkins, who was based in Hong Kong until 2018.
Linklaters Hong Kong partner Matthew Middleditch is representing Siam Commercial Bank.*
FWD, which is the insurance arm of tycoon Li's Hong Kong-based private investment group Pacific Century Group, has been expanding across Asia in recent years. Last week, FWD turned to Debevoise & Plimpton Hong Kong partner Edwin Northover for its acquisition of New York-based insurance giant MetLife Inc.'s Hong Kong business for about $400 million, according to media reports.
*Updated July 4: This story has been updated with the Linklaters partner on the deal.
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