Mori Hamada & Matsumoto and Herbert Smith Freehills have advised Japanese insurance group T&D Holdings, in a consortium with Allianz and BlackRock, on the $3.8 billion acquisition of a majority stake in German insurance portfolio manager Viridium Group from Cinven, marking one of the largest transactions in the European insurance sector in recent times.
Hengeler Mueller advised the consortium and Allianz as lead counsel, while Freshfields represented Cinven, Sullivan & Cromwell advised Viridium, and Skadden, Arps, Slate, Meagher & Flom represented BlackRock.
The deal is expected to close in the second half of 2025, with T&D Holdings acquiring the largest share. Generali Financial Holdings and Hannover Re will remain invested, and Viridium will continue operating independently.
The Mori Hamada team included partners Kenichi Sekiguchi, Kazuo Yoshida, and Makoto Sakai, supported by counsel Henry Lau and associates.
Herbert Smith Freehills was led by Christian Johnen and Timo Bühler, with support from Joseph Fisher, Marcel Nuys, Florian Huerkamp, and Fritz Kleweta. The team also included associates Marjel Dema, Nastasja Bührmann, Friederieke Seen, and Florian Möller.
Hengeler Mueller's team included multiple partners and associates across different practice areas, including Carl-Philipp Eberlein, Daniel Möritz, Jan Häller, Ingo Berner, Sebastian Adam, Markus Ernst, Sarah Milde, Henning Hilke, Michael Schramm, and Matthias Rothkopf.
Freshfields' team was led by partners Wessel Heukamp and Verena Nosch, counsel David Schwintowski, principal associate Lorenz Koffka and associate Thimo Brand.
Sullivan & Cromwell's team advising Viridium was led by Carsten Berrar and Peter Klormann, and included Katharina Leonhardt and Johanna Bierlein.
Skadden's team for BlackRock included Richard Youle, Jan Bauer, Katja Butler, and Robert Chaplin.
