Firm Advises on $1.8 Billion Sale of Aviva USA

January 8, 2013

Willkie client Aviva plc agrees to sell Aviva USA Corporation, its U.S. life and annuities business and related asset management operations, to Athene Holding Ltd.

On December 21, Willkie client Aviva plc announced that it has agreed to sell Aviva USA Corporation, its U.S. life and annuities business and related asset management operations (Aviva USA), to Athene Holding Ltd for $1.8 billion.  The sale was the largest M&A transaction in the life insurance industry in 2012.

Aviva plc will retain the North American asset management activities of Aviva Investors that are focused on third parties, and Aviva assets outside of the U.S.  Aviva is the UK’s largest insurer and one of Europe’s leading providers of life and general insurance, providing 43 million customers with insurance, savings and investment products.  With more than 1,800 employees, West Des Moines, Iowa-based Aviva USA provides indexed life insurance and indexed annuities to over 930,000 customers.  Bermuda-based Athene Holding is a life insurance holding subsidiary of Apollo Global Management LLC focused principally on the retirement market.

The deal was handled by partners Robert Rachofsky, Donald Henderson, Jr., Christopher Peters, Eugene Chang, Ian Levin and Joseph Ferraro; of counsel Scott Avitabile and Christopher Petito; senior staff attorney Elizabeth Bannigan; associates Rajab Abbassi, Laura Acker and Ann Choe; and law clerk Samantha Palmer.