The Corporate and Commercial team from leading independent Isle of Man law firm, Cains, has recently advised international savings and insurance business, Aviva plc, on the sale of a majority stake in Friends Provident International Limited (“FPIL”) to International Financial Group Limited (“IFGL”), the parent company of RL360.
The deal, which took over 3 years to complete, saw Aviva selling a 76% shareholding in FPIL to IFGL for £259 million, of which £209 million is in cash and £50 million in deferred cash consideration.
The Cains team worked in conjunction with Aviva’s lead onshore counsel, Allen & Overy, and provided Isle of Man corporate and insurance regulatory assistance throughout all stages of the transaction. The Cains team was led by Tristan Head and Jonathan Latham and the Allen & Overy team was led by David Broadley and Eimear Coady.
Commenting on the transaction, Tristan Head, said: “We were delighted to assist Aviva and Allen & Overy on such a significant transaction. The transaction underlines Cains’ reputation as the go-to law firm in the Isle of Man for advising on mergers and acquisitions transactions and insurance regulatory matters and demonstrates the strength and expertise of our talented team.”