Russell McVeagh was delighted to assist the Westpac Group with the sale of its New Zealand life insurance business to Fidelity Life for $400 million. The sale includes a 15-year strategic alliance agreement for the exclusive provision of life insurance products to Westpac New Zealand retail customers.
The sale is subject to regulator and Fidelity Life shareholder approvals, and is expected to be completed by the end of 2021.
The Russell McVeagh team working on the transaction spanned a number of specialist practice areas, led by Corporate Partner
Ian Beaumont.
"It has been a great experience working alongside the Westpac team to achieve this milestone – the sale will not only help to simplify the bank's business model, but will ensure positive outcomes over the long-term for Westpac's customers through the strategic alliance with New Zealand's largest locally owned life insurer, Fidelity Life," he said.
The team advising on the sale included Special Counsels
Sarah McQueen and
Louise Taylor, Senior Associate Isaac Stewart, Senior Solicitor Emily Joubert and Solicitors Stephanie Russell and Victoria Manning (Corporate); as well as Partners
Emmeline Rushbrook (Regulatory and Public Law);
Guy Lethbridge and Senior Solicitor Simon Mackley (Banking and Finance);
Fred Ward (Tax);
Nathaniel Walker (Litigation);
Kylie Dunn (Employment); and
Joe Edwards (IP and Privacy).
More information on the sale is available
here.
For more information, please contact:
Joanna Comerford
Head of Communications
[email protected]
D +64 4 819 7520