King & Wood Mallesons is delighted to have advised Westpac on the sale of its life insurance business to TAL Dai-ichi Life Australia Pty Limited (TAL), and the exclusive 20 year strategic alliance for the provision of life insurance products to Westpac's Australian customers.
This transaction continues KWM's role in advising Westpac on key strategic transactions to support the bank's goal of building a simpler, stronger bank.
TAL is a fully owned ubsidiary of the Dai-ichi Life Group which is one of the world's leading life insurers.
King & Wood Mallesons M&A Partner Meredith Paynter led the broad-ranging KWM deal team, which included Partners Jim Boynton, Nicole Heller, Sarah Yu, Wayne Leach, Peter Yeldham, Liam Burgess and Tim Bednall, and lawyers Jo Ruitenberg, Cal Maher, Charles Davies, Henry Sit, James McGrath, Sarah Mitchell, Esme Wong, Chris Kew and Georgie Parletta.
Commenting on the deal, Meredith Paynter said:
"The KWM team is delighted to have worked alongside, and supported, the team at Westpac with this significant transaction, particularly as it came so quickly after KWM's role supporting Westpac with the successful sale of its general insurance business to Allianz.
"Both of these transactions represent significant strategic milestones for Westpac. We really appreciated the opportunity to "back-up" for Westpac on this transaction, and to deepen our relationships, and to harness KWM's significant financial services, data and technology, and regulatory expertise."
Completion of the transaction is subject to various regulatory approvals and is expected to occur in the second half of the 2022 calendar year.