The Work

April 25, 2008 6:29 PM

Skadden, Debevoise Advising on $6.2 Billion Insurance Merger

Posted by Brian Baxter

Boston-based insurance monolith Liberty Mutual, one of the top property and casualty insurers in the U.S., has tapped Debevoise & Plimpton for its $6.2 billion cash deal for rival Safeco Corporation. M&A partners Gregory Gooding and Nicholas Potter are leading the Debevoise deal team, which also includes executive compensation partner Jonathan Lewis and tax partner Seth Rosen in New York. Potter is cochair of the firm's Americas insurance industry group.

The transaction, which has been approved by the boards of both Safeco and Liberty Mutual, is subject to approval by Safeco shareholders and regulators.

Advising Seattle-based Safeco are M&A partner Todd Freed in New York and Palo Alto corporate partner Kenton King of Skadden, Arps, Slate, Meagher & Flom. King has been busy lately—he's also the lead partner advising Yahoo on Microsoft's unsolicited $44.6 billion takeover proposal. Executive compensation partner Regina Olshan and tax partner Jessica Hough in Washington, D.C., are also are part of the Skadden deal team.

Working on the matter in-house at Safeco are executive vice president and general counsel Art Chong and associate general counsel Kristen Smith-Dayley and Stephanie Daley-Watson.

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