The deal is one of the biggest offshoring transactions in the financial services sector this year and sees WNS Global Services take over Aviva Global Services in India and Sri Lanka.
The transaction had a value of £115m and involves the transfer of 5,800 jobs. WNS expects the plan to generate £500m in revenue over the eight years of the contract.
Slaughter ;and ;May outsourcing partner Rob Sumroy led the team advising Aviva, while Eversheds partner David Glover acted for WNS. Slaughter and May has been the key contact firm for Aviva during the course of its outsourcing programme.
Last year the firm advised Aviva on its deal with Swiss Re to take on almost three million UK life and pension policies. Lovells was on the other side for Swiss Re. Sumroy said the WNS deal was “of critical importance to both parties”, adding: “It required sophisticated and creative legal support from the firms to work collaboratively to help the contract stand the test of the full eight years-plus term. Unusually, the priority was to create a contractual framework ;that ;is straightforward and easy to understand for those who must use it.”
Aviva boasts £377bn of assets under management and 59,000 employees.