Transaction|April 12, 2013
Sun Life Financial and Khazanah Nasional Berhad complete acquisition of CIMB Aviva
Torys acted as counsel to Sun Life Assurance of Canada with a team that included Philip Mohtadi.
On April 12, 2013, Sun Life Financial Inc. (Sun Life) and Khazanah Nasional Berhad (Khazanah) announced the completion of their joint acquisition of CIMB Aviva Assurance Berhad, a Malaysian life insurance company, and CIMB Aviva Takaful Berhad, a Malaysian takaful company (together, the Company), following regulatory approvals in Malaysia and Canada.
Sun Life and Khazanah each acquired 49 per cent of the Company from Aviva International Holdings Limited and CIMB Group Holdings Berhad (CIMB Group), respectively, for a total combined stake of 98%, with CIMB Group retaining a two per cent share. The transaction includes an exclusive right to distribute insurance products, including takaful products, through CIMB Bank's network across Malaysia. This network includes 312 branches across the country and eight million customers. The transaction is valued at 1.80 billion Malaysian Ringgit (C$602 million).
CIMB offers a comprehensive range of life insurance and Takaful products and services in Malaysia.
Sun Life Financial Inc. is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers.
Khazanah Nasional Berhad is the strategic investment fund of the Government of Malaysia entrusted to hold and manage the commercial assets of the Government and to undertake strategic investments.
Further information can be found on Canada Newswire and Sun Life's website.
Sun Life and Khazanah each acquired 49 per cent of the Company from Aviva International Holdings Limited and CIMB Group Holdings Berhad (CIMB Group), respectively, for a total combined stake of 98%, with CIMB Group retaining a two per cent share. The transaction includes an exclusive right to distribute insurance products, including takaful products, through CIMB Bank's network across Malaysia. This network includes 312 branches across the country and eight million customers. The transaction is valued at 1.80 billion Malaysian Ringgit (C$602 million).
CIMB offers a comprehensive range of life insurance and Takaful products and services in Malaysia.
Sun Life Financial Inc. is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers.
Khazanah Nasional Berhad is the strategic investment fund of the Government of Malaysia entrusted to hold and manage the commercial assets of the Government and to undertake strategic investments.
Further information can be found on Canada Newswire and Sun Life's website.