25/02/2022

Gilbert + Tobin has advised Resolution Life Australasia on the acquisition of AIA Australia’s superannuation and investments business

Resolution Life Australasia Limited, a life insurer focused on the acquisition and management of life insurance policies, has entered into an agreement with AIA Australia Limited to acquire its superannuation and investments business. The business was purchased by AIA Australia as part of the acquisition of the Commonwealth Bank of Australia’s life insurance and investments business (known as “CommInsure Life”). It is an established superannuation, retirement and investment solutions provider, with more than $8bn funds under administration.

G+T advised Resolution Life Australasia on all aspects of the transaction, drawing on expertise from multiple disciplines across the firm. The transaction is structured as a statutory asset transfer under Part 9  of the Life insurance Act 1995. The acquisition is subject to regulatory approvals and is expected to close within 12 to 18 months.

The team was led by Corporate Advisory Partner Tim Gordon and also included lawyers Katrina Byrne and Madeline Connolly, Superannuation Partner Phil Turner, Technology and Digital Partners Sheila McGregor and Melissa Fai and Consultant Nikhil Shah, financial services regulatory experts Tanya McDonald and Catherine Kelso and Intellectual Property expert Anna Smyth.

Tim Gordon said, “We were thrilled to advise Resolution Life Australasia on this major transaction.  These types of deals involve multifaceted regulatory and commercial issues around financial products and superannuation, and G+T is able to deploy a deep team of experts to assist our clients to navigate these complexities.  We’re privileged to have been a part of this deal, which represents an outstanding outcome for both parties and will see Resolution Life Australasia increase its funds under management and administration by over $8 billion and see 162,000 AIA customers join its Australian membership.”

G+T’s Corporate Advisory team, which boasts some of Australia’s leading M&A and Private Equity lawyers, has advised on many of Australia’s largest and most innovative transactions in the critical and highly regulated financial services sector, including recently advising Afterpay on its $39 billion acquisition by Square (Australia’s largest-ever public M&A transaction) and KKR on the acquisition of a majority interest in Colonial First State from CBA.