Linklaters has advised Lloyds Banking Group plc on its disposal of Heidelberger Lebensversicherung AG. Purchaser is a consortium of Cinven Partners LLP and Hannover Rück SE. The purchase price was around 300 million euros. Subject to approval by the regulatory authorities, the transaction is expected to be finalised in early 2014.

Heidelberger Leben is a specialist provider of unit-linked annuity insurance, investments and life insurance. Under a long-term management agreement, Lloyds Banking Group’s insurance policies in Germany and Austria will continue under the Clerical Medical brand name.

The sale, aimed at boosting Lloyds Banking Group’s core capital, also accords with the Group’s strategy of rationalising its international presence and increasing shareholder value.

Lloyds Banking Group plc, with headquarters in London, is one of the world’s largest finance groups.

Linklaters’ team was led by Dr Wolfgang Krauel (Corporate, Munich) und Duncan Barber (Corporate, London). Other team members: Professor Dr Georg Annuss (Employment, Munich), Nemone Franks (Intellectual Property, London), Julian Cunningham-Day (TMT, London), Dr Frederik Winter (Financial Regulation, Frankfurt), Andreas Schaflitzl (Tax, Munich), Thomas Bader (Employment, Munich), Thorben Eisenbeiss (Employment, Munich), Janis Petrowsky (Financial Regulation, Frankfurt), Dr Thomas Broichhausen, Dr Niclas von Woedtke (both Corporate, Munich) und Stephanie Bruhn (Tax, Munich).