Freshfields has advised Cinven on the sale of Old Mutual Wealth Italy to Cinven’s Italian insurance business, Ergo Italia

Freshfields Bruckhaus Deringer LLP (‘Freshfields’) has advised leading European private equity firm Cinven, on the sale of Old Mutual Wealth Italy, Old Mutual’s Italian wealth management and insurance arm, to Cinven’s Italian insurance business, Ergo Italia.

Headquarter in Milan, Old Mutual Wealth Italy specialises in unit-linked investment products that combine elements of insurance with investments in the stock market and has approximately €6 billion in assets under management. The purchase of Old Mutual Wealth Italy follows Cinven’s purchase of Ergo Italia in June 2016, which Freshfields also advised on. Together, the combined group will represent one of the largest wealth management and insurance businesses in Italy.

Completion of the transaction is subject EU and Italian regulatory approval. 

The deal, coordinated across Freshfields’ London and Milan offices, was led by corporate partners, Adrian Maguire and Nicola Asti.