Ashurst advises on acquisition of AMPs remaining minority interest in Resolution Life Australasia
01 July 2022
01 July 2022
Resolution has completed the acquisition of AMP's minority 19.13% equity interest in Resolution Life Australasia for a total consideration of A$524 million. The acquisition completes AMP's exit from its former life insurance and mature business, AMP Life.
Ashurst originally advised Resolution Life on establishing its Australasian presence with the A$3 billion acquisition of AMP Life from AMP in July 2020, where AMP retained a minority equity interest in Resolution Life Australasia at that time.
The acquisition includes settlement of a number of warranty & indemnity claims with AMP. The acquisition was subject to regulatory approvals and conditions precedent which have been satisfied.
Ashurst advised Resolution on key aspects of the transaction including transaction structuring, negotiating the revised transaction documents, applying for regulatory approval, and implementing completion.
The Ashurst team was led by partner Con Tzerefos, with assistance from senior associate Stephen Moore, associates Max Arundel and Hayley Young and graduate Daniella Ciccone (Corporate Transactions) along with partner Ian Bolster, senior associate Matthew Youssef and associate Julian Zoller (Dispute Resolution).