WONG & Partners, member firm of Baker McKenzie International, is advising Generali Asia N.V. on the proposed acquisition of the shares of AXA Affin General Insurance Bhd (AAGI) and AXA Affin Life Insurance Bhd from AXA Asia, Affin Bank Bhd and several minorities.
Additionally, Wong & Partners is also representing Generali in its acquisition of the remaining shares of MPI Generali Insurans Bhd held by Multi-Purpose Capital Holdings Bhd.
Upon completion of the share acquisitions, AAGI and MPIB will be merged via a scheme of transfer of business creating the second largest general insurance company in Malaysia.
The transaction includes an exclusive bancassurance agreement with Affin Bank for the sale of conventional P&C and life insurance products. The total consideration for the combined transactions is approximately RM1.3 bil (262 mil euro).
The Wong & Partners team was led by partner Ee Von Teo and supported by senior associates Adrian Wong, Cindy Sek, Daniel Tan and Associate Ee Rong Song.
“It has been a privilege for us to work closely with the Generali team on this significant transaction in the insurance industry in Malaysia which will propel Generali to become the second largest general insurer in Malaysia and mark Generali’s entry into the Malaysian life insurance market.” said Teo who is also the legal firm’s lead transaction counsel.
In its recent media release, Affin Bank said the MergeCo is expected to create the second biggest general insurance provider in Malaysia with an estimated gross written premium (GWP) of more than RM2 bil and total assets of more than RM6 bil.
Generali’s regional head for Asia (M&A and strategy) John Spence, said the insurer’s ambition since it acquired its 49% stake in MPI Generali was to increase its presence in the Malaysian insurance market.
“Wong & Partners has been with us all the way providing guidance, advice and playing a key role aligning the requirements in this multi-party negotiations,”
“The professionalism and dedication of Ee Von and her team was a critical factor in putting this deal together.”
Since its establishment in 1998, Wong & Partners has grown steadily for 20 years and now consists of 22 partners and more than 45 associates. – June 24, 2021
