Aviva plc exits Indonesia, advised by Slaughter and May
Slaughter and May advised Aviva plc on its exit from Indonesia by selling its entire shareholding in its joint venture in Indonesia, PT Astra Aviva Life, to Aviva’s joint venture partner, PT Astra International Tbk.
The transaction is expected to complete in Q4 2020 and is subject to certain closing conditions, including regulatory approval in Indonesia and the completion of Bangkok Bank Public Company Limited’s (“Bangkok Bank”) acquisition of PT Bank Permata Tbk (“Permata Bank”), Aviva Indonesia’s bancassurance partner. The shareholders of Bangkok Bank approved the acquisition of Permata Bank on 5 March 2020.
Contacts involved in this transaction are Richard Smith (partner), Ross Davies (associate), Graeme Earle (associate) and Usman Sawar (associate) from Corporate, William Watson (partner) and Edward Creamer (associate) from Tax, and Rob Sumroy (partner), Oliver Howley (associate), as well as Ian Ranson (associate) from IP/IT.