Key elements of the transaction:
- Achmea and Lifetri are consolidating their pension and life insurance portfolios, with more than 2.1 million customers, in the joint venture.
- Sixth Street (which owns Lifetri), will receive 20.45% of the shares in the joint venture by contributing Lifetri and making a payment of EUR 461 million to Achmea.
- The joint venture wants to benefit from growth opportunities in the pension buyout market and aims for a market share of 20%.
Our firm, alongside Stibbe and Cleary, assisted Sixth Street, the principal shareholder of Lifetri.
The team further consisted of (among others): Jasha Sprecher, Willemijn Pieters, Alex Draaisma, Marlies van de Meulengraaf, and Laurens Spelten (Financial Regulatory), Geert Raaijmakers, Jacqueline Clement, Joost den Engelsman, Jafar Alhashime, David Metz (Corporate M&A), Mechteld Flohil, Daan Hagelstein, (Corporate Notarial) Michaëla Ulrici, Carlijn Storm (Structured Finance), Daniël Kuiper, Naud van Doorn (Employment).
Further growth
Pension reforms in the Netherlands are expected to lead to further consolidation among pension funds and an increased demand for insured solutions. The pension buyout market in particular offers significant opportunities for growth. The joint venture is in the market to presents pension funds with an attractive alternative by means of a buyout.
