Rabu, 08 Juli 2009

Simpson Thache, S&C Advise,Davis Polk, on $2 billion Reinsurance Merger

PartnerRe, a reinsurance company, will buy its abate European battling Paris Re in a $2 billion deal. The deal, appear backward Sunday, should accomplish Bermuda-based PartnerRe the world's fourth-largest reinsurer.

Under a stock-for-stock transaction, PartnerRe will pay .3 of its shares for every Paris Re share. The resultant aggregation will accept about $23 billion in assets and about 1,400 employees, The New York Times reports.

The accord is accepted to abutting in the fourth division of this year, but afore PartnerRe secures majority ownership, Paris Re will allotment out $310 actor to its shareholders as allotment of a appropriate banknote distribution, according to Reuters.

Davis Polk & Wardwell brash PartnerRe on the deal. The accord anatomy was complicated by the actuality that the accord charge be vetted by regulators in four jurisdictions, including Switzerland, France, Bermuda, and the United States. Paris Re is listed on the NYSE Euronext and congenital in Zug, Switzerland; PartnerRe is congenital in Hamilton, Bermuda and is listed on the New York Stock Exchange.

The Davis Polk aggregation included M&A accomplice Phillip Mills, allowances accomplice Kyoko Takahashi Lin, basic markets ally Richard Sandler and Michael Kaplan, tax accomplice Ethan James, and antitrust accomplice Ronan Harty. The Davis Polk aggregation in Paris included accumulated accomplice Christophe Perchet and assembly Jerome Sibille and Emilie Huard.

Sullivan & Cromwell represented Paris Re in the deal. Ally William Torchiana, Olivier de Vilmorin, and European admonition Joram Lietaert Peerbolte served as the firm's Paris-based accumulated team.

Simpson Thacher & Bartlett provided acknowledged admonition for shareholders accommodating in the block purchase. M&A accomplice Peter Gordon, basic markets accomplice William Brentani and tax accomplice Gary Mandel led the firm's aggregation on the deal.

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