Freshfields and Linklaters have taken lead legal roles in a cross-border transaction that sees Japan’s Dai-ichi Life Holdings acquire a 15% stake in British insurer M&G, marking a long-term partnership between the two financial giants.
Freshfields advised M&G, with a corporate team led by London-based partners Claire Wills and Michael Black, alongside partner Piers Prichard Jones.
Linklaters acted for Dai-ichi Life, spearheaded by global co-heads of the firm’s insurance sector, partners Tracy Whiriskey and Duncan Barber, supported by corporate partners Yoshiyuki Asaoka and Fionnghuala Griggs. Partners Motoyasu Fujita and Kenneth Lam led the structured finance and derivatives aspects of the transaction.
The deal, (USD1 billion), establishes M&G as the preferred asset management partner for Dai-ichi Life in Europe. The alliance is expected to deliver at least USD6 billion in new business for M&G and USD2 billion for Dai-ichi Life during the next five years.
Linklaters told Asia Business Law Journal that equity derivatives trades were used as part of M&A investments.
Dai-ichi Life will become M&G’s largest single shareholder and, subject to regulatory approvals and other conditions, will be entitled to appoint a director to M&G’s board if it maintains the 15% stake.
