NAME: T&D Holdings' $3.8 billion Viridium Group acquisition
LAW FIRMS: Mori Hamada, Herbert Smith Freehills, Hengeler Mueller, Freshfields Bruckhaus Deringer, Sullivan & Cromwell, Skadden Arps Slate Meagher & Flom
JURISDICTIONS: Germany, Japan
PRACTICE AREAS: Corporate and M&A
INDUSTRY SECTOR: Insurance
T&D Holdings' $3.8 billion acquisition of Viridium Group is our deal of the month for April.
Japanese insurance group T&D Holdings, in consortium with German insurer Allianz and investment management firm BlackRock, will acquire a majority stake in German insurance portfolio manager Viridium Group from Cinven. The transaction, valued at $3.8 billion, represents one of the largest deals in the European insurance sector in recent times. The deal is expected to close in the second half of 2025.
Under the transaction structure, T&D Holdings will take the largest stake, while existing investors Generali Financial Holdings and Hannover Re will maintain their positions. Viridium Group will continue to operate independently following the completion.
Mori Hamada and Herbert Smith Freehills advised T&D Holdings. The Mori Hamada team included partners Kenichi Sekiguchi, Kazuo Yoshida, and Makoto Sakai, supported by counsel Henry Lau.
Hengeler Mueller acted as lead counsel for the consortium and Allianz, while Freshfields Bruckhaus Deringer represented Cinven. Sullivan & Cromwell advised Viridium, and Skadden Arps Slate Meagher & Flom represented BlackRock.
