UPDATE: 12/23/2011, 12.02 p.m. The Australia section has been updated to reflect that Freehills acted for RREEF in addition to Marubeni.
Japan
Sullivan & Cromwell is advising Japanese insurer Tokio Marine Holdings on its acquisition of U.S. life insurance company Delphi Financial Group, Inc. for $2.7 billion. The deal gives Tokio Marine, which already owns non-life insurer Philadelphia Consolidated Holding Corp. following a 2008 buyout, a foothold in the lucrative U.S. employee benefits market amid a waning insurance market in Japan. Sullivan’s team includes Tokyo partners Keiji Hatano and Izumi Akai, and New York partners Robert DeLaMater and Melissa Sawyer. Cleary Gottlieb Steen & Hamilton New York corporate partners Daniel Sternberg and Paul Shim are acting for Delphi’s chairman and CEO, Robert Rosenkranz. Delphi’s outside counsel is Delaware firm Morris, Nichols, Arsht & Tunnell. New York firm Cravath, Swaine & Moore has fielded a team including corporate partners Scott Barshay and Andrew Thompson to advise a special committee of Delphi’s directors. The special committee’s financial advisor, Lazard Ltd., is being advised by Wachtell, Lipton, Rosen & Katz corporate partners Andrew Brownstein and David Lam. [Read full story]
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