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Prudential - American International Group Asia acquisition

US$35,000.00 m
  • Entry date - Thursday, 11 March 2010
  • Jurisdiction - Hong Kong
  • Practice - M&A
  • American International Group sells its Asian life insurance unit

  • Firm
    Davis Polk & Wardwell
  • Client
    Federal Reserve Bank of New York
  • Lead Lawyers
  • Role
    US counsel to lender
  • Firm
    Debevoise & Plimpton
  • Client
    American International Group
  • Lead Lawyers
  • Role
    Main counsel
  • Firm
    Sullivan & Cromwell
  • Client
    American International Group
  • Lead Lawyers
    Robert DeLaMater
  • Role
    US counsel
  • Firm
    Weil Gotshal & Manges
  • Client
    American International Group
  • Lead Lawyers
    Akiko Mikumo, Matthew Gilroy, Michael Aiello
  • Role
    US/HK counsel


DEAL SUMMARY

  • American International Group sells its Asian life insurance unit, AIA  to Britain’s Prudential plc for US$35.5bn

  • Amount consists of $25bn in cash and US$10.5bn in common stock

  • Largest asset sale by AIG since September 08 bailout - proceeds to repay US govt.

  • Largest cross-border deal for UK firm; Prudential will be biggest insurer in Asia

  • Weil working alongside Debevoise & Plimpton as co-counsel with five partners across Asia/US offices


 


 



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