Slaughter and May advised Aviva plc (“Aviva”) on the disposal of its shareholding in Singapore Life Holdings Pte Ltd (“Singlife”), together with two debt instruments, for total proceeds of £937m (SGD 1.6 billion). The total consideration received by Aviva includes approximately £80m (SGD 0.1 billion) of additional proceeds resulting from the concurrent completion of a separate transaction whereby Sumitomo Life Insurance Company purchased TPG’s equity stake in Singlife. Both transactions completed on 18 March 2024 following the receipt of regulatory approvals in Japan and Singapore.
Slaughter and May previously advised Aviva on the sale of its majority stake in Aviva Singapore to a consortium led by Singlife in 2020.
Slaughter and May, led by corporate partners Richard Smith and Claire Jackson, worked closely with the Aviva legal team. Allen & Gledhill advised on the Singapore law aspects of the transaction and Mori, Hamada & Matsumoto advised on the Japanese law aspects of the transaction.