Japanese insurer Sompo Holdings – advised by Skadden, Arps, Slate, Meagher & Flom – has entered into a definitive merger agreement to acquire 100% of the issued class A ordinary shares of American peer Aspen Insurance Holdings, which was advised by Sidley Austin, at around USD3.5 billion.
Partners Sean Carney and Jonathan Blackburn led the Sidley team, while the Skadden team was headed by partners Todd Freed and Patrick Lewis.
“We advised Aspen in connection with identifying insurance regulatory approvals worldwide that would be required in connection with the buyer’s acquisition of control of Aspen and its subsidiaries, including in the United States and United Kingdom,” Carney told Asia Business Law Journal.
He also said the firm worked with Bermuda and local counsel where necessary in other jurisdictions.
Filings would be made between now and closing where required, added Carney.
The transaction is subject to customary regulatory approvals and is expected to close in the first half of 2026.
On completion, all series of Aspen’s preference shares will remain outstanding with no changes to their relative rights, terms or conditions. However, Sompo and Aspen may periodically explore options to redeem, repurchase or delist the preferred shares or associated depositary shares.
Source: https://law.asia/sidley-skadden-advise-sompo-aspen-3-5bn-insurance-merger/