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Malaysia – Wong & Partners Advises CIMB On Sale Of Aviva Life And CIMB Aviva Takaful.

29 April, 2013
 
Wong & Partners, the Malaysian member firm of Baker & McKenzie
International, advised CIG Berhad, a wholly-owned subsidiary of CIMB Group Holdings Berhad (“CIMB”), in its conduct of an auction sale of CIMB’s majority equity interests in CIMB Aviva Assurance Berh ad (“CIMB Aviva Life”) and CIMB Aviva Takaful Berhad (“CIMB Aviva Takaful”).

 

The transaction involved a RM1.11 billion disposal by CIMB of its equity interest in each of CIMB Aviva Life and CIMB Aviva Takaful to Renggis Ventures Sdn. Bhd., a wholly-owned subsidiary of Khazanah Nasional Berhad (“Khazanah”). The auction sale led to the simultaneous sale of equity interests in each of CIMB Aviva Life and CIMB Aviva Takaful held by CIMB and its joint venture partner, Aviva International Holdings Limited (“Aviva”), to Khazanah and Sun Life Assurance Company of Canada (“Sunlife”) respectively. The valuation of CIMB’s stakes in CIMB Aviva Life and CIMB Aviva Takaful was at 3.7 times price-to-book ratio, one of the highest multiples in recent Malaysian insurance M&A transactions. The deal also involved the negotiation of a new Bancassurance Agreement entered into between CIMB Bank Berhad and each of CIMB Aviva Life and CIMB Aviva Takaful.
 
The team at Wong & Partners, led by corporate partner Andre Gan and associate Teo Ee Von, advised CIMB throughout the competitive bid process and the negotiations with Khazanah, Aviva and Sunlife. 
 
“We are very pleased with the successful outcome of the deal and we are privileged to have had the opportunity to represent CIMB on this matter. It has been a great pleasure working with the CIMB team, and gratifying to have assisted CIMB on the auction process and all the way up till the successful completion of the sale of CIMB Aviva Life and CIMB Aviva Takaful ” said Andre Gan of the matter.
 
Headquartered in Kuala Lumpur, CIMB Group is a leading ASEAN universal bank, the largest Asia Pacific (ex – Japan) investment bank and one of the world’s largest Islamic banks. It is the fifth largest banking group by assets in Southeast Asia and as at the end of 2012 had about 42,000 staff and 13.5 million customers.


For further information, please contact:

 

Jamie Kar, Baker & McKenzie
jamie.kar@bakermckenzie.com

 

 

 

 

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