Minter Ellison is advising Insurance Australia Group Ltd. on a proposed $1.7 billion acquisition of Perth-based conglomerate Wesfarmers Ltd.’s insurance underwriting businesses.
IAG is buying both the Australian and New Zealand underwriting divisions of Wesfarmers, which also operates in the retail, energy and industrial sectors. According to an IAG statement, Wesfarmers’ insurance underwriting businesses reported gross written premiums of over $1.4 billion in the financial year ending June 30.
IAG said it would raise $1.1 billion in a share sale to fund the purchase. The deal, subject to regulatory approval, is expected to close in the second quarter of next year.
Minter Ellison partner James Philips is leading a Sydney-based team that includes partners Mark Standen and Christopher Brown acting for IAG.
Herbert Smith Freehills is representing Wesfarmers on Australian law matters, while Russell McVeagh is serving as New Zealand counsel.