Freehills advised National Australia Bank (NAB), on its $825 million acquisition of Aviva Australia Holdings (Aviva), an Australian subsidiary of the UK-based Aviva plc, which includes the life insurance and wealth management business.
The transaction, announced on 22 June 2009, involved the acquisition of the Navigator investment platform operations, Norwich Union Life business and strategic stakes in four independent financial advisory firms.
The Freehills team was lead by partner Mark Crean together with Justin O’Farrell and David Cooper, and senior associates Mark Currell, Robert Bileckij and Sarah Yu. The complexity and speed of the transaction necessitated cross-practice group cooperation involving lawyers from corporate, financial services, IT, employee relations, competition, property and litigation.
Freehills lead partner Mark Crean said of the transaction, ‘We were delighted to work with National Australia Bank on this acquisition.’
Freehills worked closely with NAB’s team in conducting due diligence and negotiating a sale agreement.
The transaction is subject to approval from the ACCC and APRA.
Allens acted for Aviva on this transaction.
Goldman Sachs JBWere lead the advisory, KPMG provided accounting advice and Deloitte provided tax advice.
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