The deal will result in the combination of PSC's AU and NZ operations with Envest
Ashurst has guided Ardonagh Group subsidiary Envest in the proposed acquisition of PSC Insurance Group Limited for $2.3bn.
This purchase, set to be made through scheme of arrangement, will see PSC’s operations in Australia and New Zealand merged with those of Envest, forming one of the largest privately-owned insurance distribution platforms in Australia. The new entity’s annual gross written premium will amount to $3.3bn.
The transaction is pending the fulfilment of customary conditions like regulatory and PSC shareholder approvals.
The Ashurst team handled all aspects of the deal, including legal due diligence and the preparation of acquisition and financing documents. The team was helmed by partner John Brewster, with assistance from partner Rehana Box; senior associates Alex Garfinkel, John McMeniman, Alexandra Nash, Zach McLoughlin, and Gabriel McGuinness; and associates Max Arundel, Alex Hutchinson, Amy Huang, and Hugh Morris (corporate transactions). Digital economy transactions partner Andrew Craig also pitched in, as did global loans partner Campbell Johnston and senior associate Madelene Mulholland.
Envest operates as an insurance investment and distribution business with headquarters in Brisbane. PSC is an ASX-listed diversified insurance services company operating in Australia, the UK, Ireland, Hong Kong, Vietnam, New Zealand and Bermuda.
