Ashurst, King & Wood Mallesons (KWM) and Debevoise & Plimpton are leading on London-based Resolution Life Group Holdings’ $2.3bn (£1.8bn) acquisition of Australian wealth management firm AMP Ltd’s Australia and New Zealand life insurance division.

Resolution Life will pay AMP A$1.9bn (£1bn) in cash, A$300m (£166m) in shares and an A$1.1 bn (£611m) noncash consideration in the UK company. The company said the noncash consideration will include “economic interest in future earnings from the mature business”.