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June 23, 2011 6:34 PM

Clifford Chance, Slaughter and May Advise on Carlyle's $1.6B Aviva Buy

Posted by Hannah D'Apice

London-based insurance agency Aviva PLC announced Thursday that it has sold its RAC roadside rescue business to Carlyle Group for $1.6 billion in a deal that the parties expect will close in this year's third quarter, according to a company press release

In its statement, Aviva described the transaction as part of a broader strategy to “focus on insurance and savings businesses in its priority markets.” 

The $1.6 billion price tag is equal to 17 times RAC’s net 2010 earnings, Aviva reports. The company estimates that it will reap an accounting profit of some $960 million on the deal.

Slaughter and May is advising Aviva, a longtime client, on the matter. Leading the firm's deal is corporate partner Richard Smith. Other attorneys involved include tax partner Steve Edge; IP/IT partner Robert Sumroy; pensions and employment partner Jonathan Fenn; financing partner Miranda Leung; financial regulation partner Jan Putnis; commercial real estate and environment partners David Waterfield and Ed Keeble; and competition partner Philippe Chappatte.

Legal counsel for Carlyle was provided by Clifford Chance, led by corporate partner David Walker. Jim McHale, a finance partner with the firm, advised the lending banks on the acquisition, including JPMorgan, Morgan Stanley, Credit Suisse, BNP, and UBS.

Clifford Chance recently advised Carlyle on the sale of Wilhelm-Bergner-Straße Industrial Park in Hamburg, Germany.

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