Russell McVeagh was delighted to assist the Westpac Group with the sale of its New Zealand life insurance business to
Fidelity Life for $400 million. The sale includes a 15-year strategic partnership agreement for the provision of life
insurance products to Westpac New Zealand customers.
The Russell McVeagh team working on the transaction spanned a number of specialist practice areas, led by Corporate
partner Ian Beaumont
"It has been a great experience working alongside the Westpac team to achieve this milestone – the sale will not only
help to simplify the bank's business model, but will ensure positive outcomes over the long-term for Westpac's customers
through the strategic partnership with New Zealand's largest locally owned life insurer, Fidelity Life," he said.
The team advising on the sale included special counsels Sarah McQueen
and Louise Taylor
, Senior Associate Isaac Stewart
, and solicitors Emily Joubert, Stephanie Russell and Victoria Manning (Corporate); as well as partners Emmeline Rushbrook
(Regulatory and Public Law); Guy Lethbridge
and Senior Solicitor Simon Mackley (Banking and Finance); Nathaniel Walker
(Litigation); Kylie Dunn
(Employment); and Joe Edwards
(IP and Privacy).
More information on the sale is available here.