Latham & Watkins Advises on Majority Sale of Aviva Singapore and Combination with Singlife

Latham & Watkins has advised a consortium comprising TPG, Singapore Life (Singlife), Sumitomo Life Insurance Company, and others on a transaction to combine Singlife with Aviva Singapore. The transaction represents one of the largest insurance deals to date in Southeast Asia.

Aviva received SGD2.7 billion of total consideration, comprised of SGD2.0 billion (£1.1 billion) of cash and marketable securities, SGD250 million in vendor finance notes and a 26% equity shareholding in the newly renamed business, Aviva Singlife.

“We are delighted to have played a part in this landmark combination,” said Singapore corporate partner Sharon Lau. “The deal represents one of the largest insurance transactions to date in the region and brings together two well-renowned and highly complementary businesses to create a new market-leader.”

Hong Kong corporate partner Simon Cooke added: “This deal is the latest of a series of significant transactions in Asia on which the firm has advised longstanding client, TPG, following the acquisition of hospital business Columbia Asia Hospitals earlier this year and pathology lab business Quest Laboratories in 2019. The transaction further underscores the strength and depth of the firm’s transactional capabilities in Asia.”

The cross-border team was led by Singapore corporate partner Sharon Lau and Hong Kong corporate partner Simon Cooke, with M&A support from Hong Kong counsel Richard Watkins and associates Gwenlynne Lee and Frances Yu. The financing for the transaction, comprising both a SGD450 million senior term and revolving credit facility and a SGD550 million issuance of Tier 2 notes, was led by Singapore finance partner Timothy Hia and Singapore counsel Monsiree Jirasarunya, supported by associates Kong Chuan Wei, Tommy Tan and Esha Goel. Advice was also provided on compliance matters by Beijing partner Hui Xu, with Hong Kong associates Tina Wang and Charlotte Yeung; on Singapore law matters by partner Farhana Sharmeen; on tax matters by London partner Karl Mah, with associates Aoife McCabe and James Leslie; on insurance matters by London partner Victoria Sander, with associate Hyo Joo Kim; and on antitrust matters by Brussels partner Luca Crocco, with associates Simon Troch and Daniel Baker.