In what Baker & McKenzie describes as the largest acquisition of a foreign company by a Japanese insurer, partners Maura Ann McBreen and Sarah Winston were part of the firm’s team that advised Dai-ichi Life Insurance Co. on its $5.7 billion purchase of Protective Life Corp.
Under the terms of the deal, Dai-ichi Life will acquire all outstanding shares of Protective Life for $70 per share in cash. Founded in 1902, Dai-ichi Life is headquartered in Tokyo. Protective Life is headquartered in Birmingham, Ala. According to Protective Life, the deal will create the 13th largest global insurer, with total assets of $424 billion.