Global law firm White & Case LLP has advised Aéma Groupe, a leading French mutual insurer formed through the combination of Macif Group and Aésio Mutuelle, on entry into exclusive negotiations with Aviva, one of the leading insurers in Europe, to acquire Aviva France for €3.2 billion.
The future group, including Aviva France’s acquisition, would represent €16 billion revenues and become a key protection and insurance provider – among the top five in the French market. The financing of the €3.2 billion acquisition will rely on the group’s equity and the issuance of €1.75 billion subordinated debt. Upon completion of the transaction, Aéma Groupe would hold a strong financial position, with €11 billion regulatory capital, a debt position comparable to its peers and a solvency ratio of more than 165 percent, to recover to 200 percent within four years.
The transaction is subject to employee representative bodies’ information-consultation and customary conditions, including regulatory approvals, and is expected to complete by the end of 2021.
The White & Case team which advised on the transaction was led by partner Marc Petitier (Paris) and included partners Emilie Rogey, Raphaël Richard, Grégoire Karila, Jérémie Marthan, Clara Hainsdorf, Alexandre Ippolito and Brice Engel (all Paris) and Dominic Ross and Amanda Cowell (both London), with support from associates Edouard Le Breton, Yeram Kim, Maud Fillon, Hugo Chevillot, Laure Elbaze, Yasmine Sefraoui, Mûre Maestrati, Claire Sardet and Anne Sauvebois-Brunel (all Paris) and Chris Norris (London).
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