Three law firms close Chubb’s $ 5.75 billion deal for Cigna units

A screen displays the Cigna Corp logo. on the floors of the New York Stock Exchange (NYSE) in New York, United States, July 16, 2019. REUTERS / Brendan McDermid

  • Wachtell Lipton, guide Baker McKenzie Cigna
  • Sullivan & Cromwell advises Chubb

(Reuters) – Three law firms – including Wachtell, Lipton, Rosen & Katz and Sullivan & Cromwell – are leading US insurer Chubb Ltd’s plan to buy Cigna Corp’s insurance business in seven countries for 5, $ 75 billion in cash.

The companies separately announced Thursday evening that Chubb will acquire units of Cigna in South Korea, Taiwan, New Zealand, Thailand, Hong Kong and Indonesia, as well as Cigna’s stake in a joint venture in Turkey.

Chubb has partnered with a team from Sullivan & Cromwell comprising corporate partner Andrew Gerlach, Senior Chairman Rodgin Cohen and Special Advisor Joonkeun Yoo.

Other Sullivan & Cromwell lawyers working on the deal are executive compensation partner Marc Treviño, tax partner David Spitzer, intellectual property partner Mehdi Ansari as well as competition partners Michael Rosenthal and Joseph Matelis.

Gerlach and Cohen previously advised ACE Limited on its $ 28.3 billion acquisition of Chubb Corp in 2016, according to their company profiles.

Cigna also turned to Familiar Faces for advice on selling her benefits business.

A team from Wachtell Lipton advises the insurance company based in Bloomfield, Connecticut. The company advised Cigna on its $ 67 billion purchase of pharmacy benefits management company Express Scripts in 2018, according to a press release.

For the deal with Chubb, Cigna also brought in Baker McKenzie as senior regulatory advisor on the transaction. The Baker McKenzie team is led by President of Transactions Pamela Dayanim as well as Securities and Securities Partner Daniel De Deo.

Read more:

Insurer Chubb to acquire Cigna operations in Asia and Turkey for $ 5.8 billion

Sierra Jackson

Sierra Jackson reports on legal matters in major mergers and acquisitions, including transactions, litigation and regulatory changes. Contact her at [email protected]

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