Skandia Liv completes acquisition of Skandia AB from Old Mutual
Skandia Liv has completed the acquisition of Skandia AB from Old Mutual for SEK 22.5 billion. The transaction, announced on 15 December 2011, involves Livförsäkringsaktiebolaget Skandia (Skandia Liv) becoming an independent company and acquiring Försäkringsbolaget Skandia (Skandia AB) with its Nordic insurance- and banking businesses Skandia Link, Skandiabanken and Skandia Lifeline, from Old Mutual plc.
With the completion of this acquisition, the process of transforming Skandia Liv into a mutual, i.e. customer-owned, company can be initiated that will lead to the formation of a new mutual Skandia group and create one of the largest independent customer-owned bank and insurance groups in Sweden.
Skandia Liv has been advised by Mannheimer Swartling in connection with its buy-out from Old Mutual and in becoming a Swedish customer-owned insurance and banking group. The firm’s team has included Helena Rempler (Insurance), Fredrik Andretzky, Adam Green and Åke Kjellson (M&A), Thomas Pettersson (Banking and Finance), Anders Erasmie (Tax), Emil Boström and Eva Hägg (Public M&A), Johan Carle (Competition) Per Josefson (IP), Hans Hammarbäck (Dispute Resolution) and Specialist Counsel Claudia Wallman (IP), primarily assisted by Jonas Andersson, Jens Agö, Sam Seddigh, Andreas Elving, Anette Ivri Nordin, Henrik Johansson, Jenny Keisu, Emilie Andersson and Mirka Ylinen Gorne.