Baker & McKenzie and Willkie Farr & Gallagher are representing Japan’s Dai-ichi Life Insurance Co. Ltd. on its proposed $5.7 billion takeover of Birmingham, Ala.-based Protective Life Corp.

If approved, the deal would give Dai-ichi its first entry into the U.S. life insurance market. The company currently has operations in Japan, Australia, Vietnam, Indonesia, India and Thailand.

Dai-ichi is offering $70 apiece for all of the outstanding shares of Protective, a 34 percent premium over the stock’s $52.30 closing price on May 30. The transaction is expected to close later this year or in early 2015, pending shareholder and regulatory approval in Japan and the United States. The boards of directors of both companies have approved the deal.

Baker & McKenzie’s team advising Dai-ichi is being led by Tokyo partner Jiro Toyokawa and Chicago partner Craig Roeder. New York partner Alexander Dye is leading the Willkie team on the deal.

Debevoise & Plimpton New York partners Jeffrey Rosen and Nicholas Potter are acting for Protective.

Email: tbrennan@alm.com.