Ashurst advised Chesnara Plc, a UK-based holding company engaged in the management of life and pension books in the UK and Western Europe, on the €67.8 million acquisition of the Waard Group and on a placing of shares by Chesnara. The Netherlands-based Waard Group comprises three insurance companies and a servicing company.

The acquisition will be funded through its own cash together with the placing of 11.5 million new ordinary shares, raising approximately £35 million and representing about 9.99% of the current issued share capital of the group.

The Ashurst team was led by corporate partners James Perry and Jonathan Parry, assisted by senior associate Karin Kirschner, solicitor Aimée Chalmers and trainee solicitor Elisha Rai.

Ashurst has previously advised Chesnara in a number of acquisitions, including Save & Prosper Insurance Limited and Direct Line Life Insurance Company Limited.