Ashurst advises Chesnara on Sanlam Life and Pensions acquisition
16 September 2021
16 September 2021
The acquisition enhances the scale of Chesnara's operations in the UK by adding £2.9bn of assets under administration and approximately 80,000 policies.
The SLP business will be integrated into Countrywide Assured plc, Chesnara's UK platform, and will follow its tried and tested business model as a focused, closed-book consolidator. SLP will retain a commercial relationship with Sanlam Investments UK Limited for investment management.
The Ashurst team was led by corporate partner and Chair Karen Davies, with support from senior associates Jake Hadfield and Nick Lever, and associates Natasha Gromof and Camilla Booth-Clibborn. They were supported by partners Steven Vaz, Chris Bates, Tom Cummins, Ruth Buchanan, James Perry, Jamie Chapman and Nicholas Gardner; senior consultant Nicholas Stretch; counsels Don McCombie and John Gordon; consultants Marcus Turle and Giovanni Visintini; senior associate Liz Parkin and associates Harry Newton, Matthew Hewitson, Emily Bodger, Dipika Kachhala, Adam Clenton, Lucy Picton-Turbervill, Henry Glasford, Laura Burt and Catherine Lillycrop.
"We are delighted to have advised the Chesnara team on another significant transaction which enhances the scale of its operations in the UK," Karen Davies commented.
Completion of the transaction is conditional on obtaining regulatory clearance under FSMA and from the South African Prudential Authority (SAPA). On completion, Chesnara will pay cash consideration of £39.0m, subject to a clawback mechanic dependent on the value in three years' time of the in-force contemporary portal pension, portal bond, OneSIPP and Sanlam Platform pension business written by the target. Following completion, Sanlam will provide certain services to the target business under a transitional services agreement.