Allen & Overy LLP has advised Old Mutual plc on its sale of Skandia Leben AG in Switzerland, part of Old Mutual Wealth, to Life Invest Holding AG, a company owned by the Mutschler Group and Hannover Re.

The transaction is still subject to regulatory approvals and other customary conditions and is expected to take approximately six months to complete. The transaction continues Old Mutual Wealth’s commitment to simplify its operations.

As at 31 December 2014 Skandia Leben AG in Switzerland had funds under management of CHF 1.3 billion. It made CHF 25 million of pre-tax adjusted operating profit in 2014.

Old Mutual provides investment, savings, insurance and banking services to more than 16 million customers in Africa, the Americas, Asia and Europe. Originating in South Africa in 1845, Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.

The Allen & Overy team comprised partner Dr. Jan Schröder and counsel Anne Fischer jointly leading the project (both Corporate/M&A and Insurance Regulatory) with support from partner Dr. Jens Matthes (IP), senior associates Dr. Achim Schmid (Corporate/M&A und Insurance Regulatory) and Miray Kavruk (IP), and Of Counsel Eugen Bogenschütz (Tax).

Advice on Swiss law was provided by Walder Wyss.