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Ashurst is advising life and pensions consolidator Chesnara plc, owner of Countrywide Assured, on its placing and open offer to raise approximately £70 million to part-finance the proposed €160 million acquisition of Legal & General Nederland Levensverzekering Maatschappij N.V ("Legal & General Nederland") by Chesnara Holdings B.V. The balance of the consideration is to be satisfied by new Chesnara Group debt facilities totalling £100.2 million, on which Ashurst has also advised, as well as from existing cash resources.

The acquisition is subject to the signing of a definitive agreement and regulatory approval.

The Ashurst team is being led by corporate partner Karen Davies and senior associate David Dowding, assisted by associates Andrew Mclaren, Aimee Carroll-Hewitt and Amber Walker. Chesnara's relationship partner James Perry is advising on regulatory matters, partner Tim Rennie is advising on the new debt facilities, assisted by associate Kathryn Marle. Partner Nicholas Gardner (tax), associate Emma James (employment), partner Marcus Fink (pensions) and counsel David Baker (incentives) also advised.

As issuer's counsel, Ashurst is working with Shore Capital (sponsor and joint bookrunner), Panmure Gordon (joint bookrunner) and KBW (financial adviser and placing agent for Chesnara). 

 

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