A large cross-practice team, led by Meredith Paynter and Jim Boynton, and supported by a big team of partners and lawyers has done a tremendous job supporting Westpac this year on Project Manhattan – the sale of its general insurance business to global insurer Allianz. The transaction was announced on 2 December 2020, and includes an exclusive 20 year distribution arrangement, which expands on the existing relationship between Westpac and Allianz.
This deal is a major part of Westpac's strategy to simplify its operations to focus on its customers' core banking needs.
Commenting on the transaction, Meredith Paynter said: "It is really rewarding to help a highly-valued client on this significant transaction, and being able to help devise and deliver solutions to navigate a range of commercial objectives and issues."
The core KWM team comprised: Meredith Paynter, Jim Boynton, Nicole Heller, Bryony Evans, Jo Ruitenberg, Mark Vanderneut, Patrick Atkinson, Charles Davies, Sarah Mitchell, Mandy Tsang, Lenny Andreev, Henry Sit, Cal Maher, Chloe Walker, Liam Burgess, Katie Lewis and Astrid Sugden.