Appleby advises IFGL on Friends Provident acquisition

Offshore law firm Appleby has advised International Financial Group Limited (IFGL), the owner of the RL360, RL360° Services and Ardan brands, on its £259 million acquisition of a 76% stake in Friends Provident International Limited (FPIL), which closed on 15th July 2020.

IFGL is a financial services group headquartered in the Isle of Man. The newly-combined group employs over 700 staff and administers assets of £17 billion for over 230,000 customers (based on figures as at 31 December 2019).

FPIL is an international life assurance company with its head office in the Isle of Man.  It has more than 35 years of international experience providing savings, investment and protection products to customers across the globe, with a particular expertise in Asia and the Middle East.

Garry Manley.

Appleby’s multi-disciplinary team was led by corporate partner Garry Manley and also included Chris Cope, Caren Pegg, Katherine Johnson, Sophia Howell-Evans and Mary-Louise Buxton.  The team worked closely with Dickson Minto, who acted as lead counsel to IFGL.

Garry told B365: “The Isle of Man is home to a number of world-leading brands in the life insurance & wealth management sectors, and it has been a pleasure to work with IFGL on the successful closing of this complex transaction, which combines two of those brands – RL360 and FPIL – under the common ownership of IFGL.”

Appleby’s Merger & Acquisitions Team regularly works with FTSE 100 and Fortune 500 companies around the globe to help them deploy strategic growth and restructuring initiatives, whether involving single jurisdictions or complex multi-jurisdictional, multi-disciplinary transactions.