Ashurst advises Generali on approx. €400 million sale of Generali Worldwide and Generali Link
Ashurst advised Generali, a leading European insurance group, on the sale of its entire shareholding in Generali Worldwide Insurance Company ("Generali Worldwide") and Generali Link Limited to Life Company Consolidation Group, a company backed by Oaktree funds ("LCCG"). Completion of the sale occurred last week.
Generali received approximately €400 million for the sale of its stakes in Generali Worldwide and Generali Link.
Generali Worldwide has its headquarters in Guernsey and specialises in offering life-insurance-based wealth management and employee benefit solutions to a global audience, including multi-national organisations, international expatriates and local resident populations, in a range of territories where it is licenced.
Generali Link is located in Ireland and was established as a shared service provider, particularly focused on fund and policy administration. The organisation provides services to Generali Worldwide as well as Generali PanEurope which was acquired by LCCG last year and renamed Utmost PanEurope.
The Ashurst team was led by corporate partner Adam Levitt, assisted by senior associate Akiko Morioka and associate Jack Mendelssohn. Tax advice was provided by partner Nick Gardner and solicitor Martin Voelker. Partner David Wilkinson and associate Anouska Fabes advised on the intellectual property aspects. Partner Denis Fosselard provided tax advice. Hong Kong advice was provided by partner Ben Hammond.
Advice on Channel Islands, Cayman Islands and British Virgin Islands law was provided by Ogier and advice on Irish law by McCann Fitzgerald.
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