Dewey & LeBoeuf represented Aviva plc on the £381 million sale of a 15% stake in its former Dutch subsidiary Delta Lloyd N.V. The transaction was structured as an accelerated book building through Morgan Stanley International and required shareholder approval from Aviva’s ordinary share and ADR holders.

The divestment follows on from Aviva’s sale of a 42% stake in Delta Lloyd for €1.2 billion, following the Dutch company’s listing on the NYSE Euronext Amsterdam exchange in 2009. Dewey & LeBoeuf also acted as U.S. counsel to Aviva on this IPO. 

The latest divestment ends Aviva’s controlling stake in Delta Lloyd, as the UK-based insurer refocuses its business strategy on core growth markets. Dewey & LeBoeuf acted as joint legal advisor on the deal, working alongside Slaughter & May and De Brauw Blackstone Westbroek N.V. The team consisted of Partner Joe Ferraro and Associates Matthew Gilmartin and Jason McCann.