Matheson has advised global insurer Aviva on its €130 million acquisition of the Irish life assurance, pensions and investment firm, Friends First.
The deal, which was announced on 14 November 2017, is subject to regulatory approval and is expected to complete in the first quarter of 2018.
John Quinlan, CEO of Aviva Ireland said of the acquisition “Friends First is an excellent business and will be a great addition to Aviva Ireland. Their expertise in the area of income protection and group risk, in particular, will complement and strengthen the broad range of insurance products we offer our customers. It will also make us the leading insurer for brokers in the Irish market. Together, our market leading insurance business will be well placed to take full advantage of Ireland’s fast growing economy.”
Tim Scanlon and Clair Hayes led the Matheson team advising Aviva. Tim Scanlon said, “This will be a great acquisition for Aviva and is a significant transaction for the Irish insurance market. We are very pleased to have had the opportunity to work with Aviva on it .”
This transaction builds on Matheson’s strength and expertise in the sector as the legal adviser of choice on more cross border Irish acquisitions in the insurance sector than any other law firm in the last three years. Matheson also continues to advise numerous clients in relation to Brexit contingency planning and non-Brexit related insurance businesses establishing in Ireland.