Three law firms craft Chubb's $5.75 bln deal for Cigna units - Reuters

(Reuters) - Three law firms — including Wachtell, Lipton, Rosen & Katz and Sullivan & Cromwell — are steering U.S. insurer Chubb Ltd’s plans to purchase Cigna Corp’s insurance businesses in seven countries for $5.75 billion in cash.

The companies announced separately on Thursday night that Chubb would acquire Cigna units in South Korea, Taiwan, New Zealand, Thailand, Hong Kong and Indonesia, as well as Cigna’s stake in a joint venture in Turkey.

Chubb has paired with a Sullivan & Cromwell team including corporate partner Andrew Gerlach, senior chair Rodgin Cohen, and special counsel Joonkeun Yoo.

Other Sullivan & Cromwell attorneys working on the deal are executive compensation partner Marc Treviño, tax partner David Spitzer, intellectual property partner Mehdi Ansari as well as competition partners Michael Rosenthal and Joseph Matelis.

Gerlach and Cohen previously advised ACE Limited on its $28.3 billion acquisition of Chubb Corp in 2016, according to their firm profiles.

Cigna has also turned to familiar faces for guidance on the sale of its benefits businesses.

A Wachtell Lipton team is advising the Bloomfield, Connecticut-headquartered insurance company. The firm advised Cigna on its $67 billion purchase of pharmacy benefit management company Express Scripts in 2018, according to a press release.

For the deal with Chubb, Cigna has also tapped Baker McKenzie as lead regulatory counsel on the transaction. Baker McKenzie's team is led by transactional chair Pamela Dayanim as well as corporate and securities partner Daniel De Deo.

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source: https://www.reuters.com/legal/transactional/three-law-firms-craft-chubbs-575-bln-deal-cigna-units-2021-10-08/

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