Deals & Cases | 15 June 2015

Live Invest Holding AG takes over Skandia Leben AG

Walder Wyss has advised Old Mutual plc on its sale of Skandia Leben AG in Switzerland, part of Old Mutual Wealth, to Life Invest Holding AG, a company owned by the Mutschler Group and Hannover Re on aspects of Swiss law. The transaction is still subject to regulatory approvals and other customary conditions and is expected to take approximately six months to complete. The transaction continues Old Mutual Wealth’s commitment to simplify its operations. As at 31 December 2014 Skandia Leben AG in Switzerland had funds under management of CHF 1.3 billion. It made CHF 25 million of pre-tax adjusted operating profit in 2014.

The Walder Wyss team includes Markus Pfenninger (Banking Finance, Partner), Alex Nikitine (M&A, Capital Markets, Partner), Sarah Schulthess (M&A, Banking Finance, Associate) and David Hadad (Banking Finance, Associate).

Advice on German law was provided by Allen & Overy.