Greenwoods & Herbert Smith Freehills advised National Australia Bank Limited (NAB) on the sale of 80% of its life insurance business to Nippon Life Insurance Company (Nippon Life) for A$2.4 billion.
The complicated transaction was agreed in October 2015 and completed a year later. The transaction included the creation of Australia's largest retail super fund, the MLC Super Fund, through the merger of five super funds held in the MLC corporate structure. These funds were extracted from MLC and merged as part of the greater transaction.
The Greenwoods team was led by Directors Adrian O’Shannessy and Richard Hendriks as well as Special Counsels Jacinta Oner and Graham Warren. GST advice was provided by Andrew Howe and Narelle McBride contributed consolidation expertise. Greenwoods worked closely on this transaction with the Herbert Smith Freehills team was led by partners Raji Azzam and Baden Furphy.
Director, Head of Corporate and M&A