Collas Crill has provided Guernsey law advice to Life Company Consolidation Group (LCCG) on its entry into an agreement to acquire Generali Worldwide Insurance Company and Generali Link.
Generali Worldwide Insurance Company has its headquarters in Guernsey and specialises in offering life insurance-based wealth management and employee benefit solutions to multinational organisations, international expatriates and local resident populations in a range of territories.
Generali will receive approximately €409 million in base consideration, plus up to €10 million of contingent consideration to be paid at completion, for the sale of its stakes in Generali Worldwide and Generali Link, subject to certain customary adjustments following closing of the transaction.
The transaction is subject to, inter alia, the approval of the relevant competition and regulatory authorities and is expected to be finalised by the first quarter of 2019.
The acquisition will facilitate the further growth of LCCG's Utmost Wealth Solutions business, with the combined business having in excess of €30bn of client assets and significant operations in the Channel Islands, Ireland and the Isle of Man.
Collas Crill Group Partners Wayne Atkinson and Paul Wilkes provided regulatory advice on the transaction, with Paul Nettleship providing advice in relation to Guernsey real estate. King & Spalding acted as lead counsel for LCCG.