Allen & Overy has advised Old Mutual on the sale of Skandia Germany and Skandia Austria, part of Old Mutual Wealth, to a Cinven and Hannover Re acquisition vehicle (shortly to be renamed Heidelberger Leben Group).
The transaction volume is €220m (£180m) in cash, plus interest to completion. The transaction is still subject to regulatory approvals and other customary conditions and is expected to complete by the end of the third quarter of 2014.
With this sale, Old Mutual Wealth intends to simplify its operations in Europe and focus on a select number of core growth markets.
Old Mutual provides life assurance, asset management, banking and property and casualty insurance to more than 16 million customers in Africa, the Americas, Asia and Europe. The company has been listed on the London and Johannesburg stock exchanges, among others, since 1999.
The Allen & Overy team was led by Dusseldorf partner Dr Jan Schröder, assisted by senior associate Anne Fischer and associate Dr Achim Schmid (all corporate/insurance, Dusseldorf).
The team was supported by partners Dr Jens Matthes (intellectual property, Dusseldorf), Dr Eugen Bogenschütz (tax, Frankfurt), Stephen Lloyd (corporate/mergers and acquisitions, London), counsel James Taylor (banking, Frankfurt), senior associate Martin Zackor (Tax, Frankfurt), associate Vera Thiemann (antitrust, Hamburg) and associate Miray Kavruk (intellectual property, Dusseldorf).
Austrian law advice was provided by CHSH in Vienna, namely by partners Dr Clemens Hasenauer and Johannes Prinz.