Davis Polk advised Delta Lloyd N.V. (“Delta Lloyd”) on a fully underwritten rights offering of 227,567,943 new ordinary shares at a price of €2.85 per share, which raised net proceeds of approximately €650 million. The rights offering comprised public offers in the Netherlands and Belgium and private placements in certain other jurisdictions to institutional investors, including in the United States. The new ordinary shares were admitted to trading on Euronext Amsterdam and Euronext Brussels. The rights offering is a critical component of Delta Lloyd’s capital plan and is expected to add approximately 25% points to its Solvency II ratio. Delta Lloyd intends to use the net proceeds of the offering to strengthen its capital base, thereby supporting its financial position and the execution of its strategy as it transitions into the new Solvency II regime, which became effective on January 1, 2016.

Goldman Sachs International acted as sole global coordinator in the transaction and as joint bookrunner, Barclays Bank PLC and Merrill Lynch International acted as joint bookrunners and ABN AMRO Bank N.V. and Coöperative Rabobank U.A. (Rabobank) acted as joint co-lead managers.

Delta Lloyd provides life insurance, pensions, general insurance, asset management and banking products and services to 4.2 million customers in the Netherlands and Belgium. It uses multiple channels to distribute its products and services under well-known and respected brands: Delta Lloyd, BeFrank, OHRA and ABN AMRO Insurance.

The Davis Polk corporate team included partners Reuven B. Young and Simon Witty, senior counsel Jeffrey M. Oakes and associates Andrew Rowe and Jason P. Thompson. Partner John D. Paton, counsel Alon Gurfinkel and associate Nicholas A. Machen provided tax advice. Counsel Sarah E. Kim and associate Colleen Blanco provided 1940 Act advice. Members of the Davis Polk team are based in the London, Paris and New York offices.