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Transactions Nokia

Greenfield network technology investment in Myanmar

JULY 2014

Nokia has been granted an investment license by the Myanmar Investment Commission

The transaction was a greenfield investment project for an undisclosed amount, 100% foreign owned (no joint venture), in active network telecommunication infrastructure. The investment project was licensed by the Myanmar Investment Commission.

Lead advisor:

VDB Loi assisted in preparing the investment application, negotiated the scope of the licenses and the tax incentives with the Government and assisted with the preparing the transactional documentation under Myanmar law. The team comprised director Thuan Pham, senior associate Nay Nwai Linn and partners Edwin Vanderbruggen and Jean Loi.

There was no international counsel on the deal.

Note that Nokia Siemens has changed name since the sale of the phone business to Microsoft and is now just called “NOKIA”. LM

This announcement appears as a matter of record only

RSA Insurance sells its shares in Noraxis to Arthur J. Gallagher

Legal advisor to the management team:

Financial advisor to the management team:

RSA Insurance sells its shares in Noraxis to Arthur J. Gallagher

RSA Insurance Group plc has announced it reached an agreement to sell its shareholding in Noraxis Capital Corporation, its Canadian insurance brokerage business, to a subsidiary of Arthur J. Gallagher & Co.

The total aggregate price for the business is CAD $500m. After minorities, and including estimated excess working capital, RSA is expected to receive cash consideration of CAD $441m (£238m) subject to closing adjustments on completion. The transaction is expected to close within two months and is subject to certain regulatory approvals. The transaction is expected to result in a gain on sale of approximately £140m and is expected to add approximately £225m to the Group’s tangible net assets, improving the Group’s capital strength.

Legal advisor to the equity provider:

Financial advisor to the equity provider:

Stephen Hester, RSA Group Chief Executive said: “This disposal represents further progress against our aim of tightening the strategic focus of the Group, and brings to around £540m the announced sales since our new strategy and action plan was unveiled in February.

Legal advisors to the vendor:

Tax advisor:

Noraxis is a sizeable brokerage business and unique in that context within the Group. RSA’s core strength is in providing, as principal, the best Personal and Commercial insurance products to our customers, and that is where our focus will continue to be as we deliver on our new strategy and action plan.

“We are proud of the work that has been done to successfully build Noraxis, however, now is the right time for RSA to realise its investment. We will continue to evaluate further non-core disposals, some of which we expect to agree during 2014.” LM

This announcement appears as a matter of record only www.lawyer-monthly.com

Noraxis

Nokia