NAME: Nippon Life's $8.2 billion acquisition of Resolution Life
LAW FIRMS: Ashurst, ASW Law, Bell Gully, Debevoise & Plimpton, DLA Piper, Herbert Smith Freehills, Kirkland & Ellis, Mayer Brown, Nishimura & Asahi
JURISDICTION: Australia, Bermuda, Japan
PRACTICE AREAS: Corporate and M&A
INDUSTRY SECTORS: Insurance
Nippon Life Insurance's landmark $8.2 billion acquisition of Resolution Life is our deal of the month for December.
The transaction marks the largest overseas acquisition by a Japanese insurer to date, valuing Resolution Life at $10.6 billion. Japanese Big Four firm Nishimura & Asahi played the crucial role of lead counsel for Nippon Life, Japan's largest insurer by asset size, demonstrating the firm's capabilities in handling complex cross-border transactions.
As part of this transformative deal, Nippon Life will also acquire National Australia Bank's remaining 20 percent stake in MLC Life Insurance for approximately $320 million. This acquisition will lead to the merger of MLC with Resolution Life's Australian business, creating a new primary life insurer branded as Acenda.
The Nishimura & Asahi team was led by corporate M&A partners Tatsuya Tanigawa and Tatsuya Nakayama, with significant contributions from investment funds partner Kei Ito, corporate partners Takuya Oshida and Satoru Yoshikawa in Tokyo, and Masato Yamanaka in Singapore. The comprehensive team included disputes partner Chie Nakahara, antitrust partner Kazumaro Kobayashi, finance regulations partner Akihiro Shiba, insurance partner Seitaro Iio and New York-based M&A partners Kaoru Tatsumi and Yusuke Urano.
Various international law firms provided additional support on the deal's overseas aspects. The transaction, expected to close in the second half of 2025 subject to regulatory approvals, demonstrates Japanese insurers' growing appetite for international expansion amid limited domestic growth opportunities.