King & Wood Mallesons (KWM) has advised AMP on the $3.3 billion sale of its Australia and New Zealand wealth protection and mature business (AMP Life) to British operator Resolution Life.
The sale will see AMP receive $1.9 billion in cash, $300 million in preference shares and retain a $1.1 billion ongoing interest in AMP Life.
The KWM deal team was led by Partner Jason Watts, along with Partners Nathan Hodge, Henrik Moritz, Patrick Gunning, Andrew Gray and Daniel Natale, supported by Special Counsel Bryony Evans and Andrew Phillipson, and Senior Associates Jennifer Cheung, Adrian Donato and Rahul Mukherjee.
Commenting on the deal, Jason Watts said: "We were pleased to assist AMP in achieving their strategic objectives of the sale - the pathway to a simpler, more agile business that will enable AMP to focus on its higher growth businesses"
The deal is subject to regulatory approvals in Australia and New Zealand, with the sale due to complete in -the second half of 2019.
