Chapman Tripp advised ANZ Bank New Zealand on its sale of OnePath Life NZ for $700m to specialist global insurer Cigna Corporation, in a deal announced on 30 May.
The transaction also included negotiating a 20-year strategic alliance for Cigna to provide insurance solutions for ANZ bank customers.
Chapman Tripp partner, Tim Tubman, said the deal was complex as ANZ was looking to optimise the sale outcome while at the same time finding an appropriate strategic partner.
“The sale is important for ANZ as it is part of a wider strategy to simplify its business and focus on core banking activities and improve capital efficiency.”
Tubman said the firm’s role included all aspects of the sale including structure, vendor due diligence, documentation, negotiation, tax matters, employment matters, implementation and transitional arrangements.
The deal marks a busy year for Chapman Tripp, which was the leading New Zealand firm for M&A deal count and volume according to Mergermarket’s Q1 M&A league tables. Other significant deals the firm has advised on this year are Shell’s sale of NZ interests to OMV for US$578m and Icebreaker which sold for $228m to VF Corporation.