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Three firms have landed advisory roles on the £2bn merger of listed insurer Britannic and its private rival Resolution Life.
Herbert Smith and Slaughter and May are acting for Britannic and Resolution Life respectively. Meanwhile, Freshfields Bruckhaus Deringer, led by partner Harvey Nugent, is acting for Citigroup and Goldman Sachs, which are acting as joint sponsors in relation to the listing of the merged company.
Britannic, which has historically outsourced corporate work to Clifford Chance, first instructed Herbert Smith 18 months ago after the once-ailing insurer appointed a new management team. Since then the firm has advised Britannic on three M&A deals.
Slaughter and May has acted for Resolution since the company was launched last year solely to buy and run closed UK life funds.
Although the deal has been billed as a merger of equals it will be structured as a reverse takeover. Additionally, there will be no cash element. Resolution shareholders will receive shares in the merged entity.
The Slaughters’ team is being led by partners Oliver Wareham and Glen James. Partners Geoffrey Maddock and Michael Shaw are acting for Britannic.