Shoosmiths ensures Ageas's success in £116m deal

Shoosmiths ensures Ageas's success in £116m deal

Published:

Author: Stephen Porter

Shoosmiths has advised Ageas (UK) Limited on its £116m acquisition of Groupama Insurance Company Limited (GICL), securing the insurance giant's position as Britain's fifth largest non-life insurer in the process.

Led by corporate partners Sean Wright and Stephen Porter, with significant assistance from corporate associate Nina Smith, and solicitors Lisa Sigalet and Jason Hill, a cross-discipline team from the national law firm advised long standing client Ageas on various matters including corporate, tax, employment, pensions, real estate, competition and commercial.

GICL will operate as a separate wholly-owned subsidiary of Ageas and will work alongside Ageas Insurance, both companies being well equipped for supporting UK brokers.

The acquisition of GICL makes Ageas the number four provider in motor insurance and personal lines insurance in the United Kingdom.

Shoosmiths' Stephen Porter said: "We're absolutely delighted to have been involved in this transaction. It was a huge team effort, but we were determined to pull out all the stops in order to get the best result for our client.

"This was an important and very strategic move for Ageas, but as always, we were completely geared towards meeting the challenge to the best of our abilities."

Shoosmiths' Sean Wright added: "We look forward to continuing our work with Ageas and supporting them in their growth - they evidently have some very exciting times ahead and we're delighted to be part of that."

Ageas's company secretary Rosemary Smith said: "Shoosmiths has been providing us with legal advice for a number of years and has advised us on many of our major deals including, the purchase of Kwik Fit Insurance Services Limited in 2010 and Castle Cover Limited in 2011.

"Our relationship with Shoosmiths has been well cemented, and their support on the acquisition of Groupama Insurances has proved invaluable."

Stephen Porter has recently been described by legal directory Chambers UK 2013 as 'very responsive and committed' and 'commercial in terms of opinions,' whilst Sean Wright was described as 'one of the best'.

Both partners have been ranked as 'leading individuals' within the legal guide's category of corporate/M&A for the South, with Sean Wright being awarded the highest individual ranking (Star individual) available.