Allens acts for Aviva on sale of wealth management business to NAB
24 June 2009
Allens Arthur Robinson (Allens) is acting for Aviva plc, one of the world’s largest insurance groups and the largest insurance services provider in the UK, on the sale of Aviva Australia Holdings Ltd to the National Australia Bank (NAB).
The transaction, which includes the sale of the Australian life insurance operations and wealth management platform, Navigator, is valued at A$825 million and was agreed to on 21 June 2009 after Aviva put the business up for sale this year. Prior to completion, Aviva Australia Holdings will pay a A$40 million dividend to its parent.
The transaction is part of Aviva's strategy of selling off its Australian businesses to focus on the key growth markets in Asia.
Allens Partner Craig Henderson headed up the team, alongside Partner Robert Simkiss and senior lawyers Christine Swan and Toby Woods.
According to Mr Henderson: 'Aviva is an outstanding international brand – proven by the great interest its Australian life insurance and wealth management business received from buyers.
'It was a pleasure to work alongside Aviva and to be able to advise them on their Australian operations on such an important transaction for the organisation.'
Ends
| Allens legal team | Craig Henderson (Partner – Melbourne), Robert Simkiss (Partner – Melbourne), Christine Swan (Senior Associate – Melbourne), Toby Woods (Lawyer – Melbourne) |
For further information, please contact:
- Jane FoleyCorporate Communications Coordinator,
Melbourne
Ph: +61 3 9613 8503
Jane.Foley@aar.com.au
Notes for editors.
Allens Arthur Robinson has staff in 14 cities and eight countries across the Asia Pacific.
