Travers Smith LLP has advised National Westminster Bank plc (NatWest) and ABN AMRO Bank N.V. (ABN AMRO) in relation to the acquisition by pension consolidator Chesnara plc (Chesnara) of HSBC's UK life insurance business, HSBC Life.
The £260 million acquisition is partly funded by the revolving credit facility provided by NatWest and ABN AMRO.
The acquisition is expected to make Chesnara eligible for inclusion in the FTSE 250, with the company expecting to generate over £800 million in additional lifetime cashflow from HSBC Life, with annual cash generation exceeding £140 million in the first five years.
The Travers Smith team was led by Head of Finance Charles Bischoff, supported by Associate Phillipa Lamberton.