Slaughter and May, working as a team with European Best Friend firms Hengeler Mueller and Bonelli Erede Pappalardo, have advised Direct Line Insurance Group plc on its agreement with Spanish insurance company Mapfre for the sale of the Group's International division, which comprises its Italian and German operations. The three firms worked as a single-operational team to provide the cross-border advice on the deal.

The sale concludes the strategic review initiated earlier in 2014. The cash sale proceeds from the agreement totalled EUR 550.0 million (£432.3 million). The transaction is conditional on the approvals of relevant regulatory authorities which are expected to take approximately three to four months. The transaction was announced on 25th September 2014. Direct Line is a leading retail general insurer and Britain's largest motor insurer.

CONTACTS

Corporate: Andy Ryde (partner), John O’Grady (associate) Duncan Blaikie (associate), Ross Davies (associate), Francesca Harris (associate); Tax: Mike Lane (partner)

Hengeler Mueller: Daniel Kress (partner)

Bonelli Erede Pappalardo: Stefano Micheli (partner)