Slaughter and May is advising Aviva on the sale of its remaining interest in SingLife

Slaughter and May is advising Aviva plc (“Aviva”) on the sale of its remaining shareholding in Singapore Life Holdings Pte Ltd (“Singlife”), together with two debt instruments, to Sumitomo Life Insurance Company, a leading Japanese insurer, for a total consideration of £0.8 billion (SGD 1.4 billion) payable in cash on closing. The transaction is subject to customary closing conditions, including regulatory approvals where required, and is expected to complete in Q4 2023.

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, have been working closely with the Aviva legal team. Allen & Gledhill are advising on the Singapore law aspects of the transactions and Mori, Hamada & Matsumoto are advising on the Japanese law aspects of the transaction.