Lovells handles IAG’s purchase of EIG

Lovells, led by partner Tim Goggan, has advised Insurance Australia Group (IAG) on the £570m acquisition of Equity Insurance Group (EIG). IAG also announced an underwritten equity placement of A$600m (£236.67m) to fund the acquisition, with the balance of the funds provided by a share purchase plan, internal funds and subordinated debt. Osborne Clarke, led by partner Keir Barry, acted for the warranting vendors and management of EIG, while DLA Piper, led by partners Paul Harris and Malcolm Smith, advised the vendors on all other matters. The deal is subject to approval by the Financial Services Authority.