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Deals
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DEALS - OPERACIONES
International law firm Freshfields Bruckhaus Deringer has advised Discovery Holdings of South Africa on its decision to acquire the entire share capital of Standard Life Healthcare, a wholly-owned subsidiary of the Standard Life Group, for R1.56bn (£138m). Discovery anticipates effecting the transaction by funding the entire purchase consideration, and contributing Standard Life Healthcare as a capital investment to PruHealth Holdings Limited, the holding company of PruHealth and PruProtect, the joint ventures between Discovery and Prudential Assurance Company. This will result in Discovery increasing its interest in both PruHealth and PruProtect from 50 per cent, to 75 per cent.The transaction is strategically consistent with Discovery’s ambition to increase its scale and relevance in the UK. The new company will operate under the PruHealth brand name. Standard Life Healthcare is the UK’s fourth-largest private medical insurer, with an 8 per cent market share, 490,000 members, and a tangible net asset value on acquisition of at least R848m (£75m). Standard Life Healthcare has a strong track record of profitability, with IFRS underlying profit before tax of R106m (£9,4m). The transaction creates a new competitor of scale in the UK Private Medical Insurance (PMI) market, covering approximately 700,000 lives, and attracting annual premiums of approximately R4.1bn (£370m). The effective date of the transaction is expected to be 31 July 2010. The Freshfields team advising on the deal was led by corporate partners Sundeep Kapila and Philip Richards and included specialist regulatory partner James Smethurst, and associates George Swan, Guy Dunlop, Peter Orlov, Sundip Kalley, Andrew Price and Christian Barker. Tax advice was provided by partner Jonathan Cooklin supported by tax associate Paul Concannon. IP/IT advice was provided by associates Stuart Goldberg, Jill Delaney, Lindsey Canning and Laurence Kalman.
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