Mayer Brown JSM represents Principal Financial Group on HK$2.6 billion landmark acquisition in Hong Kong
14 November 2014
Mayer Brown JSM represented Principal Financial Group (Principal) on the acquisition of AXA's Mandatory Provident Fund (MPF) and Occupational Retirement Schemes Ordinance (ORSO) retirement schemes businesses in Hong Kong for approximate HK$2.6 billion. In connection with the transaction, Principal and AXA will also enter into a 15-year exclusive distribution agreement allowing Principal to offer MPF and ORSO retirement schemes through AXA's proprietary networks in the city.
This is the largest transaction of its nature since the MPF scheme was introduced in 2000. Completion of the transaction is subject to regulatory approvals, and is expected to take place in the third quarter 2015.
Corporate & Securities partner Mark Uhrynuk, who led the transaction said, “This is a significant step for Hong Kong as it marks the beginning of consolidation in the retirement schemes sector. It is also the first time Mayer Brown JSM has advised Principal in Asia, after expanding that relationship from the United States to Europe. I would like to congratulate our client on this milestone.”
The team was also led by Corporate & Securities senior associate Eugene Wong, and included: Corporate & Securities associate Stephanie Hurst; Employment and Benefits partner Duncan Abate and associate Elaine Yeung; and Financial Services Regulatory and Enforcement partner Sara Or and senior associate On Yee Tam; IP & TMT partner Gabriela Kennedy and associate Karen H.F. Lee in Hong Kong.