London/Frankfurt – LAWFUEL – International Legal Announcements – Allen & Overy LLP has today announced that it has advised J.P. Morgan Securities Ltd. and UBS Limited in connection with the rights offering of Storebrand ASA, a leading player in the Norwegian markets for pensions, life and health insurance, banking and asset management. The rights offering provided a portion of the financing required to fund Storebrand’s acquisition of the Swedish life insurance business of Svenska Handelsbanken AB. The gross proceeds of the offering amounted to approximately EUR1.1 billion. The firm is also acting for various financial institutions in connection with other aspects of the acquisition financing.
The Allen & Overy team was led by Frankfurt-based US counsel Gernot Wagner in collaboration with London-based US partner Daniel Epstein and UK corporate partner Richard Cranfield, with support from UK senior associate Nicholas Stuart. Assistance was provided by US associates John Fowles and Morgan Wiener, and by counsel Lisa Goransson, who heads the firm’s Nordic Desk. The team acted in close collaboration with Norwegian co-counsel BAHR and Swedish co-counsel Cederquist.
Commenting, Daniel Epstein said: “This transaction exemplifies our ability to operate effectively in the Nordic region both across the A&O network and through our relationships with colleagues in firms based there. The Nordic region is and will continue to be an important area of focus for our ECM practice. We are delighted to have been able to assist JPM and UBS on such a successful deal, and it was a pleasure working alongside our friends at BAHR and Cederquist.”