Linklaters advises Dai-ichi Life on its acquisition of a c. 15% stake in M&G plc and a long-term strategic partnership
Linklaters advised Dai-ichi Life Holdings, Inc. (Dai-ichi Life), one of Japan’s largest listed life insurance groups, on its acquisition of c. 15% shareholding in, and long-term strategic partnership with, M&G plc (M&G), a London-listed leading international savings and investments business.
Dai-ichi Life is acquiring its c. 15% shareholding, which will make it the largest single shareholder in M&G, via on-market purchases with no change to M&G’s issued share capital. Subject to certain conditions, Dai-ichi Life will have the right to appoint a director to the Board of M&G. As part of this strategic partnership, M&G will become Dai-ichi Life’s preferred asset management partner in Europe. Through this collaboration, Dai-ichi Life and M&G will jointly pursue growth, distribution and product development opportunities both in Europe and across Asia. The partnership is expected to deliver at least US$6bn in new business flows for M&G and US$2bn of new business flows for Dai-ichi Life over the next five years.
Linklaters’ multi-disciplinary and cross-jurisdictional team comprising over 100 lawyers from across Tokyo, London and the broader Linklaters network was led by global co-heads of the insurance sector Tracy Whiriskey and Duncan Barber, alongside corporate partners Yoshiyuki Asaoka and Fionnghuala Griggs, and structured finance and derivatives partners Motoyasu Fujita and Kenneth Lam.
Corporate partner and co-head of Linklaters’ global insurance sector Tracy Whiriskey commented:
“We are proud to have supported Dai-ichi Life on this landmark investment and strategic partnership with M&G and are grateful to Dai-ichi Life for their trust. This collaboration underscores the increasing convergence between international asset management and insurance, as well as strong Japanese interest in global growth. The transaction brings together two well-established groups with highly complementary ambitions, setting a platform for strategic growth and cross-border opportunities across Europe and Asia. We look forward to continuing to support our clients as they pursue further opportunities, leveraging our capabilities to help them achieve their ambitions.”
Linklaters advises clients on the full spectrum of transactional and regulatory matters, particularly in complex cross-border investments, including recently having advised Meiji Yasuda on its acquisition of 100% of L&G’s US protection business and strategic partnership with L&G, as well as Resolution Life on its acquisition by Nippon Life.
