Linklaters has advised Athora Holding Ltd. (together with its subsidiaries, “Athora” or the “Athora Group”) on the sale of its German subsidiary, Athora Germany, to Frankfurter Leben Group AG. The transaction comprises the German life and pensions business and related holding and regulated entities. Subject to regulatory approvals and closing conditions, completion is expected in mid-2027.
Athora Germany is a closed book of traditional life, unit-linked and pension policies, collectively totalling €3.5bn of AuMA. The business was originally acquired by Athene in 2014 and transferred to Athora upon deconsolidation from Athene in 2018. Frankfurter Leben is a German insurance group focused on acquiring and managing life and pension insurance portfolios. Through five regulated life and pension insurance companies, the group serves approximately 700,000 policyholders in Germany. Frankfurter Leben and its subsidiaries are regulated by BaFin.
Thomas Broichhausen, Partner and Global Co-Head of Insurance at Linklaters, commented:
“We are delighted to support Athora on this specialised transaction in a highly regulated market. Acquisitions in the run-off insurance sector require the seamless integration of sophisticated M&A, regulatory, investment management and actuarial expertise. This transaction has been particularly notable for the close collaboration with our colleagues in London on the TSA aspects, as well as with our Investment Management teams.”
Linklaters advised with a cross-practice team led by Thomas Broichhausen(Partner and Global Co-Head of Insurance, Corporate/M&A, Munich) and Julia Rupp (Partner, Private Markets/M&A, Frankfurt). Further team members include:
Nikita Selivanov (Counsel, Corporate/M&A, Frankfurt), Ludwig Stimpel(Managing Associate, Corporate/M&A, München), Alexander Kah (Associate, Corporate/M&A, Frankfurt), Lena Mühleisen (Associate, Corporate/M&A, Frankfurt).
Pascal Mildahn (Counsel, Financial Regulation, Frankfurt), Maximilian Reidt (Managing Associate, Financial Regulation, Frankfurt).
Ulrich Johann (Counsel, Tax, Frankfurt), Bastian Schwarz (Associate, Tax, Frankfurt).
René Döring (Partner, Employment, Frankfurt), Sebastian Elmar Schilling(Associate, Employment, Frankfurt).
Rich Jones (Partner, Technology, Media & Telecommunications, London), Michael Leicht (Partner, TMT, Frankfurt), Ekta Oza (Managing Associate, TMT, London), Nick Burgold (Associate, TMT, Frankfurt), Marc Heusel(Associate, TMT, Frankfurt), Jonas Baumann (Associate, TMT, Frankfurt).
Lars Harzmeier (Partner, Litigation, Arbitration & Investigations, Frankfurt).
Markus Wollenhaupt (Partner, Investment Management, Frankfurt), Nicola Zeibig (Managing Associate, Investment Management, Frankfurt).
Christoph Barth (Partner, Antitrust & Foreign Investment, Düsseldorf), Sebastian Plötz (Managing Associate, Antitrust & Foreign Investment, Düsseldorf), Oliver Haas (Associate, Antitrust & Foreign Investment, Düsseldorf).
Atif Bhatti (Partner, IP, Frankfurt), Charlotte Kieslich (Associate, IP, Frankfurt)
The Linklaters team led by Thomas Broichhausen regularly advises on complex transactions in the insurance and financial services sectors. Most recently, he advised Allianz Direct on the cross-border merger of iptiQ’s digital European property and casualty insurance business, Allianz SE on the expansion of its strategic global partnership with Coalition in the field of cyber insurance, TARGO and Crédit Mutuel on the acquisition of OLB and Fosun on the sale of private bank Hauck Aufhäuser Lampe.
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