Singlife and Aviva Completes Merger Transaction at S$3.2 Billionby Fintech News Singapore November 30, 2020
Homegrown insurer Singlife has completed the transaction for its merger with Aviva Singapore at S$3.2 billion. The transaction announced on 11 September 2020 is said to be one of the region’s largest insurance deals and the largest in Singapore.
After the merger, the two companies will be rebranded as Aviva Singlife Holdings Pte. Ltd. which will comprise the Singlife and Aviva Singapore legal entities.
Both entities will continue to operate independently until the scheme of transfer of the Singlife business to Aviva Singapore is approved by the Singapore courts and completed.
Following the transaction, current Singlife Chairman Ray Ferguson has been appointed as the Chairman of Aviva Singlife Holdings, while Singlife Group CEO Walter de Oude is appointed as Deputy Chairman of Aviva Singlife Holdings.
Besides that, current Aviva Singapore CEO Nishit Majmudar will be named CEO of Aviva Singlife upon approval of the scheme of transfer by the Singapore courts.
Nishit Majmudar, CEO of Aviva Singapore said,
“Aviva has a long history of building trust with people in Singapore and delivering quality advice. With the outstanding support of new investors and partners, and advanced mobile-first capabilities in Aviva Singlife, we will continue building on our customer-centric approach and bring quality savings and protection products to Singapore and beyond.”
Walter de Oude, Deputy Chairman, Aviva Singlife Holdings said,
“This deal was made possible with deep collaboration and commitment between all our partners to see a new breed of financial services emerge in a unique and challenging time. We hope to be an example for other entities that are determined to bring positive change to their industries, undeterred by the circumstances.”
Standard Chartered Bank, Moelis & Company and J.P. Morgan acted as financial advisers throughout the transaction, while Norton Rose Fulbright, Latham & Watkins, Slaughter & May, TSMP, and Law Asia provided legal advice to the parties.