Resolution Life NOHC Pty Limited signed a share sale and purchase agreement to acquire Asteron Life Limited from Suncorp Group Limited (ASX:SUN) for NZD 410 million on April 4, 2024. The consideration includes an upfront payment of NZD 250 million and remainder due 18 months after completion. The transaction will result in no change to Asteron Life?s business operations, which is expected to continue to operate under the same Asteron Life brand with the same management team, continue to support advisers and their customers using the same local New Zealand team and remain open to new business after the acquisition completes.

The transaction is subject to New Zealand regulatory approvals and notifications including the Reserve Bank of New Zealand, the Overseas Investment Office and Commerce Commission, and is expected to complete within nine months. Bradley Kidd, Roger Wallis, Mitchell Souness, Hye-Song Goo, Tim Sherman, Marie Wisker and Lucy Cooper, Kara Daly, Doug Tang, Tanzam Hossain, Alexandra Bensemann and Mitchell Souness of Chapman Tripp advises resolution life, KPMG acted for Resolution Life. Suncorp was advised by Bell Gully.