CC and Sullivan take lead roles on Brit Insurance buy-out

Clifford Chance and Sullivan & Cromwell head a bevy of leading firms with roles on Brit Insurance’s £888m sale to private equity houses Apollo and CVC.

Kem Ihenacho
Kem Ihenacho

Corporate partners Kem Ihenacho and Patrick Sarch led the Clifford Chance team acting for a consortium of CVC and Apollo along with longstanding adviser Sullivan, where London corporate duo Tim Emmerson and Ben Perry led the US firm’s team. Dutch firm Nauta Dutilh advised on Dutch aspects.

Macfarlanes acted for the target company. Corporate partner Graham Gibb led the team for the longstanding client, along with relationship partner Charles Martin. The City firm teamed up with De Brauw Blackstone Westbroek on the Dutch side and Paul Weiss for US aspects.

Ashurst acted for Merrill Lynch Bank of America on cash confirmation with former corporate head and longstanding Bank of America relationship partner Adrian Clark and finance partner Mark Vickers leading.

Linklaters also landed a role on the transaction acting for the syndicate of banks that arranged the financing.

The deal will see the two private equity houses own 50 per cent stakes in the insurer under the newly formed holding company Achilles Netherlands Holdings.