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This month global life insurance specialist Dai-ichi Life Holdings Inc announced the purchase of 100% of the shares in Partners Group Holdings Limited, the parent company of Partners Life Limited.
Founded in 2010, long-term client Partners Life has been advised by our team of legal experts for more than ten years. Now one of the leading life insurers in New Zealand, the milestone acquisition (subject to customary conditions including required regulatory approvals) values Partners Life at circa $1 billion.
Corporate Partner Tim Tubman led our team with partners Kelly McFadzien, Bevan Miles, Tim Williams, and Josh Pringle. Emma Dale, Vonda Engels, Guy Jones, Stephanie Gray, Emma Bowman and Rupesh Patel also provided specialist expert advice to Partners Life and its shareholders on the sale, including structuring, vendor due diligence, documentation and deal execution.
Tubman said, “We are pleased to support Partners Life’s success as they join the fold of global life insurance specialist Dai-ichi Life. We have watched them grow – helping them to raise capital from ‘friends and family’, secure growth capital from private equity, negotiate the acquisition of BNZ Life Insurance and now achieve an outstanding liquidity event for shareholders. Partners Life is a success story that should be celebrated, and we are proud to have been on the journey with them.”
Partners Life will remain a stand-alone New Zealand business, with Managing Director Naomi Ballantyne and her current Executive team staying on board to lead the company into its new future.
Commenting on the significant milestone, Ballantyne said, “I am excited for the future of Partners Life and looking forward to leading Partners Life into this next chapter, taking full advantage of the new opportunities that Dai-ichi Life ownership will bring.”
The Chapman Tripp Team, headed by Tim Tubman, have been hugely instrumental in helping build Partners Life into the business we have become today and in ensuring the Dai-ichi Life transaction reached its successful outcome. They have been an absolute pleasure to work alongside of for the past decade.
Baker & MacKenzie (Japan), Minter Ellison (Australia) and MinterEllisonRuddWatts (New Zealand) acted for Dai-ichi Life Holdings Inc. Bell Gully advised Blackstone, the largest Partners Life shareholder.