International law firm Ashurst has advised Resolution Life Group (Resolution) on its agreement with AMP Life (AMP) to acquire its Australian and New Zealand wealth protection and mature business for a total consideration of A$3.3 billion, including cash and non-cash consideration.

Under the terms of the transaction, Resolution assumes the risk and profits of the wealth protection and mature businesses from 1 July 2018, subject to Australian wealth protection risk-sharing arrangements.

A new relationship agreement has also been established between Resolution and AMP Capital Investors Limited (AMP Capital), under which AMP Capital will continue to manage wealth protection and mature assets under management. AMP Capital will also join Resolution's global panel of preferred asset managers.
This transaction is subject to securing all necessary and regulatory approvals in Australia and New Zealand.

The Ashurst team was led by corporate partner Con Tzerefos, assisted by senior associates Chris Harris, Monique Hardinge and Rahil Patel, and lawyers Stephen Moore, Benson Chin, Duncan Knowles and Tess Birch. Partner Lisa Simmons advised on regulatory aspects, assisted by lawyers Pooja Anantha, Lauren Grant and Sharon Liu. Finance advice was provided by partner Jamie Ng, assisted by senior associate Kevin Lu, and lawyers Timon Ibrahim and Jamie Bang. Partners Rehana Box and Emanuel Poulos advised on insurance matters, assisted by lawyers Alex Nash and Tim Ancev. Disputes advice was provided by partner Andrew Harpur, assisted by lawyers Mel Wong and Rebecca Lew. IP advice was provided by partner Stuart D'Aloisio, assisted by lawyers Tim Rankin and Anna Seddon, with partners Amanda Ludlow and Emma Butler, counsel Clare Doneley, and lawyers David Baldi and Rishada Cassim advising on TMT aspects. Partner Jane Harvey, assisted by senior associate Emilie Maddox, and lawyers Olivia McIntosh and Bridget Shelton advised on employment matters, and partner Jason Cornwall-Jones and senior associate Gaby Stach advised on the property aspects.

Commenting, Con Tzerefos said:

"This is the first investment into Australia by Resolution Life Group, and we are proud to have assisted them with such a landmark transaction."