Allen & Overy and Cerha Hempel Spiegelfeld Hlawati have 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 EUR 220 million in cash, plus interest to completion. The transaction is still subject to regulatory approvals and other customary conditions and is expected to be completed 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 insurance, asset management, and 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 Jan Schroder, assisted by Senior Associate Anne Fischer and Associate Dr Achim Schmid. The team was supported by IP Partner Jens Matthes, Tax Partner Eugen Bogenschutz, Corporate/M&A Partner Stephen Lloyd, Banking Counsel James Taylor, Tax Senior Associate Martin Zackor, Antitrust Associate Vera Thiemann, and IP Associate Miray Kavruk.
CHSH Partners Clemens Hasenauer and Johannes Prinz provided Austrian law advice on the deal.