King & Wood Mallesons (KWM) has advised AMP Limited on three key components of the company’s strategy reset, announced today.
KWM has advised AMP on a revised agreement to sell AMP Life to Resolution Life. The revised agreement will see consideration of A$3.0 billion which includes a A$2.5 billion in cash and A$500 million equity interest in Resolution Life Australia1.
Additionally KWM advised on the A$650 million capital raising via a fully underwritten placement to institutional investors, and additional share purchase plan for eligible retail investors.
AMP drew on a KWM’s deep bench strength across its M & A practice including equity capital markets and corporate advisory.
The KWM deal team was led by Partners Jason Watts, Henrik Moritz, Tim Bednall, Bryony Evans, David Friedlander and Nathan Hodge.
Commenting on the agreement to sell AMP Life Jason Watts said: “We were very pleased to see this come to fruition. the pathway to a simpler, more agile business that will enable AMP to focus on its higher growth businesses.”
Commenting on the capital raising David Friedlander said: “Having acted for AMP for over 165 years, we were incredibly pleased to advise AMP in creating an immediate opportunity to implement its new strategy and fund ongoing growth across the core businesses.”
The sale of AMP Life is expected to complete in the first half of 2020.
KWM’s M & A team continues to be one of the leading legal advisers across major transactions. Earlier this month, KWM announced its involvement with Campbell Soup on the sale of the iconic snack brand, Arnott’s Biscuits (having also worked for Campbell on the initial takeover in 1993).