Freehills is acting for Bupa Australia on the recently announced $195 million sale of its Australian life insurance and wealth management businesses to MMC Contrarian Limited.
As part of the transaction, Bupa Australia will enter into a long term distribution alliance with MMC Contrarian, involving the sale of life risk and wealth management products to Bupa Australia's customers and the sale of Bupa Australia’s private health insurance products to MMC Contrarian’s customers.
The Freehills team is led by partner Brad Russell and includes partner Terry Brigden, senior associates John Natal and Lisa Rava and lawyer Nick Conway. The team has worked closely with Bupa Australia’s internal legal team, which is led by general counsel Emma Zipper.
Freehills partner Brad Russell said, ‘The transaction is part of Bupa Australia’s evolution as a leading healthcare company following the merger with MBF in June 2008. The combined sale and distribution alliance structure was identified as the best way for Bupa Australia to deliver access to a broader range of life risk and wealth management products for its customers. We have been delighted to work again with Emma Zipper and her highly professional legal team at Bupa Australia.’
Bupa Australia, which trades as MBF, HBA and Mutual Community, is Australia’s second largest private health insurer, with over 3,000,000 customers. Bupa Care Services also owns and operates 48 aged care facilities in Australia.
The sale is subject to relevant regulatory and MMC Contrarian shareholder approvals and the capital raising being undertaken by MMC Contrarian. It is expected to complete in June.
MMC Contrarian is advised by Henry Davis York in relation to the sale and Baker & McKenzie in relation to the capital raising.
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