Aviva
Confident strategic oversight on complex international matters
Our ability to support Aviva with the highest quality legal advice, impeccable execution, and ability to direct complex and strategically high profile deals across multiple jurisdictions at pace, were essential in supporting them to deliver value to their shareholders.
OVERVIEW
In August 2020 Aviva CEO, Amanda Blanc, announced a bold strategy to deliver eight international divestments in a little over 12 months. This was designed to generate over £5bn in cash and drive forward the transformation and growth of its core businesses in the UK, Ireland and Canada.
COMMANDING VOICE ON THE INTERNATIONAL STAGE
As a result of a long-built trusting relationship, Aviva turned to us to support them on the complex divestment project. Working seamlessly with Aviva’s in-house legal team, we led on strategic advice, project management, negotiations, drafting SPAs and drawing on specialist local legal advice from leading independent firms where required. A little over a year later the firm completed six complex disposals of Aviva businesses in France, Poland, Hong Kong, Indonesia, Singapore and Vietnam. These were large scale transactions involving competitive auctions of regulated businesses with no UK component under significant scrutiny.
DELIVERING FOR THEIR SHAREHOLDERS
The impact of Aviva’s strategy secured a positive response from the market and investors. The Financial Times reported that: “It is clear that Aviva boss Amanda Blanc has a good sense of timing … Blanc has moved faster than expected to put a figure on investor returns that the insurer had previously only said would be “substantial”. She has also sprung a surprise in getting going right away.”. Our help was critical to get the project done.
HOW DID WE ADD VALUE?
The project involved a number of regulated businesses, each contributing towards highly sensitive market transactions. Our team were able to act quickly, managing several businesses and transactions to deliver on a project of utmost strategic importance
Aviva could count on us, as the preeminent UK corporate firm to achieve results. We led all negotiations, we delivered key SPAs, managed all competitive auctions and advised through all complex JV components
Our relationship with Aviva has spanned more than 25 years, having worked closely with key board level figures at Aviva over that time. We have a unique understanding of Aviva’s global commercial interests and were able to manage the project in their best long-term interests, utilising the best and most appropriate knowledge from quality local firms