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AMP sells multibillion-dollar life insurance division
King & Wood Mallesons and Chapman Tripp have advised AMP on the sale of its Australian and New Zealand life insurance division.
Emma Musgrave
Firms: King & Wood Mallesons (AMP); Chapman Tripp (AMP); Undisclosed (Resolution Life)
Value: The sale will see AMP receive $1.9 billion in cash, $300 million in preference shares and retain a $1.1 billion ongoing interest in AMP Life, according to a statement from KWM.
Area: M&A
Key players: The KWM team was led by partner Jason Watts, along with partners Nathan Hodge, Henrik Moritz, Patrick Gunning, Andrew Gray and Daniel Natale, with assistance from special counsel Bryony Evans and Andrew Phillipson and senior associates Jennifer Cheung, Adrian Donato and Rahul Mukherjee.
Chapman Tripp advised on the New Zealand aspects of the deal. The team there was led by partners Roger Wallis and Tim Tubman, along with partners Bevan Miles and Mike Woodbury, and senior associates Luke Bowers, Greer Fredricson, Phoebe Gibbons, Jeremy Gray.
Deal significance: According to the KWM statement, the deal is subject to regulatory approvals in Australia and New Zealand, with the sale due to complete in the second half of 2019.
“We were pleased to assist AMP in achieving their strategic objectives of the sale – the pathway to a simpler, more agile business that will enable AMP to focus on its higher growth businesses," KWM partner Jason Watts said.
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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