KUALA LUMPUR: Wong & Partners is advising Generali Asia N.V. on the proposed acquisition of the shares of AXA Affin General Insurance Bhd (AAGI) and AXA Affin Life Insurance Bhd.

       In a statement on Thursday, Wong & Partners which is a member firm of Baker McKenzie International, said it was advising Generali on the purchase of the stakes from AXA Asia, Affin Bank Bhd and several minorities.

       Wong & Partners is also representing Generali in its acquisition of the remaining shares of MPI Generali Insurans Bhd (MPIB) held by Multi-Purpose Capital Holdings Bhd (MPHB).

       “Upon completion of the share acquisitions, AAGI and MPIB will be merged via a scheme of transfer of business creating the second largest general insurance company in Malaysia.

       “The transaction includes an exclusive bancassurance agreement with Affin Bank for the sale of conventional P&C and life insurance products. The total consideration for the combined transactions is approximately RM1.3bil (EUR 262mil), ” it said.

       The Wong & Partners team was led by partner Ee Von Teo and supported by senior associates Adrian Wong, Cindy Sek, Daniel Tan and associate Ee Rong Song.

       Ee Von Teo, Wong & Partners Partner and lead transaction counsel said this significant transaction in the insurance industry in Malaysia will propel Generali to become the second largest general insurer in Malaysia and mark Generali's entry into the Malaysian life insurance market.

       Generali’s regional head, M&A and strategy, Asia John Spence said: "Generali's ambition since it acquired its 49% stake in MPIG, was to increase its presence in the Malaysian insurance market.”