Two of the U.K. Magic Circle firms have won roles alongside South African heavyweight Webber Wentzel advising on international insurance and asset management giant Allianz’s €2 billion joint venture with Sanlam, the largest non-banking financial services company in Africa.
The two are combining their current and future operations across Africa to create the largest Pan-African non-banking financial services entity on the continent, according to announcements by the companies.
Webber Wentzel and Allen & Overy are advising Sanlam on the deal.
Webber Wentzel partner Annabel Parry said she is leading the firm’s team advising Sanlam on this matter, with the team also including partners Daryl Dingley, Warren Drue, Johannes Smit, Hafiesa Samsodien, Shirleen Ritchie, Anne Bennett, Christo Els, Johan Henning, Kent Davis and Sarah Manley.
Allen & Overy is advising Sanlam on English Law matters, according to a statement regarding the deal by the Johannesburg Stock Exchange.
Sources close to the situation said Slaughter & May is advising Allianz on the matter, with a team lead by partner Craig Cleaver.
The Allianz and Sanlam joint venture will ecompass the business units of both companies, initially operating in 29 countries across the African continent, according to the Allianz statement.
The chairmanship of the joint venture partnership will rotate every two years between Sanlam and Allianz, and the CEO of the entity will be named in due course, according to its statement.