Transactions will allow financial firm to fund “ongoing growth across the core businesses”
King & Wood Mallesons (KWM) has advised financial services giant AMP Limited on several key transactions.
The KWM deal team was led by partners Jason Watts, Henrik Moritz, Tim Bednall, Bryony Evans, David Friedlander, and Nathan Hodge.
The firm has advised AMP on a revised agreement to sell AMP Life to London-based insurer Resolution Life. The revised agreement will see consideration of $3bn, which includes a $2.5bn in-cash and $500m equity interest in Resolution Life. The sale of AMP Life is expected to be completed in the first half of 2020.
“We were very pleased to see this come to fruition, the pathway to a simpler, more agile business that will enable AMP to focus on its higher growth businesses,” said Watts.
Additionally, KWM also advised on the $650m capital raising via a fully underwritten placement to institutional investors, and additional share purchase plan for eligible retail investors.
“Having acted for AMP for over 165 years, we were incredibly pleased to advise AMP in creating an immediate opportunity to implement its new strategy and fund ongoing growth across the core businesses,” said Friedlander.
