29 Nov 2013 | 03:38 pm |
International law firm Pinsent Masons has advised Direct Line on the sale of its closed life insurance business to Chesnara plc for a cash consideration of £39.3m.
The deal allows Direct Line to release a further £23m of capital, which was previously required to back the policies, resulting in total sale proceeds of £62.2m. Direct Line plans to return the sale proceeds to shareholders through a special dividend.
Direct Line, which was floated by The Royal Bank of Scotland plc in one of London's largest initial public offerings last year, operates under well known brands such as Direct Line, Churchill, Green Flag and Privilege.
Pinsent Masons fielded a cross discipline team led by life insurance specialist Bruno Geiringer and financial services M&A partner Sean Page. Bruno and Sean were assisted by Charlotte McIntyre and Emma Shield.
Commenting on the deal Sean Page said:
"We are delighted to have brought this important transaction to a successful conclusion for Direct Line which now allows the group to make an increased return to shareholders."
Bruno Geiringer added:
“This deal called on our specialist experience in Insurance M&A. As insurers across Europe continue to refocus strategy around their core propositions, we expect that restructuring activity in the Insurance sector will continue to be strong for the next 12 months.”
Multinational law firm Pinsent Masons MPillay has advised Ikigai Ventures Limited, a company acquiring target businesses that have a strong positive social impact and/or environmental, social and governance (ESG) strategy, on its admission to the Official List of the London Stock Exchange.
Multinational law firm Pinsent Masons MPillay has advised Fintech Asia Limited, a company acquiring target businesses in the fintech sector, on its admission to the Official List of the London Stock Exchange.
Multinational law firm Pinsent Masons was appointed as sponsors legal counsel and advised South African energy company SOLA Group on its solar power initiative with Tronox, which will transform the manufacturing business’ electricity supply and support its 2050 net zero targets.
Multinational law firm Pinsent Masons MPillay has advised Ikigai Ventures Limited, a company acquiring target businesses that have a strong positive social impact and/or environmental, social and governance (ESG) strategy, on its admission to the Official List of the London Stock Exchange.
Multinational law firm Pinsent Masons MPillay has advised Fintech Asia Limited, a company acquiring target businesses in the fintech sector, on its admission to the Official List of the London Stock Exchange.
Multinational law firm Pinsent Masons has boosted its corporate capabilities with the hire of M&A and private equity partner Francisco Aldavero into its Madrid office.
For all media enquiries, including arranging an interview with one of our spokespeople, please contact the press office on
Location contacts
Europe: [email protected]
Asia: [email protected]
Middle East: [email protected]
Australia: [email protected]
