Friends Life sold Lombard International Assurance unit to Blackstone

The Friends Life group sold its Lombard International Assurance unit, consisting of Lombard International Assurance S.A (Luxemburg) and Insurance Development Holdings AG (Switzerland), the group's pan-European specialist in estate and succession planning solutions for high and ultra-high net worth individuals, to funds managed by Blackstone for a consideration of GBP 316 million.

Lenz & Staehelin acted as Swiss counsel to the Friends Life group on the transaction. The team comprised Tino Gaberthüel (partner / M&A) and Dominik Kaczmarczyk (senior associate / M&A, regulatory).