Debevoise & Plimpton has acted for Pruco Life Insurance – a unit of U.S.-headquartered Prudential Financial – on its joint venture with Indonesian conglomerate CT Corp, which turned to Mayer Brown JSM for advice.
As part of the deal, Pruco Life has secured a 49 percent stake in PT Asuransi Jiwa Mega Indonesia, while CT Corp retains the remaining 51 percent in its life insurance unit, reported Reuters. The JV, whose financial terms were not disclosed, has gained the approval of OJK, Indonesia's financial services regulator.
Indonesia has the third-largest population in Asia and the fourth-biggest population globally, posting an average annual GDP growth of 5.3 percent over the last 15 years.
The Debevoise team was led by partners Edwin Northover, John M. Vasily and E. Drew Dutton. Partners Rod Brown, Gabriela Kennedy, Pieter de Ridder, Ben Thompson, Richard Tollan and Hong Tran oversaw the transaction for Mayer Brown.
