A Debevoise team from the Hong Kong, New York and London offices of Debevoise & Plimpton LLP is advising AXA in its agreement with The Principal Financial Group (“The Principal”) to sell AXA’s Mandatory Provident Fund (MPF) and Occupational Retirement Schemes Ordinance (ORSO) business in Hong Kong.

In conjunction, The Principal will enter into a 15-year exclusive distribution agreement with AXA proprietary networks in Hong Kong for relevant MPF and ORSO mandatory schemes. The total cash consideration is approximately $335 million.

The transaction is subject to regulatory approvals and completion is expected to take place in 2015. The sale is the first significant sale of an MPF business in Hong Kong and is expected to set a precedent for consolidation in the industry.

The AXA Group is a worldwide leader in insurance and asset management, with 157,000 employees serving 102 million clients in 56 countries.

The Debevoise team is led by partner E. Drew Dutton and includes partners John Vasily, Richard Ward and Satish Kini, international counsel Phil Rohlik and associates Edwin Northover, Danielle de Zorzi, Parveet Singh Gandoak, James Olsen, Ceinwen Rees and Jayne So.