Suncorp Metway’s $ 7.8 billion acquisition of Promina

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In October 2006 Suncorp announced its intention to merge with Promina, to create the second largest domestic insurer in both Australia and New Zealand.

Corrs advised Suncorp in successfully obtaining ACCC clearance for the $7.8 billion acquisition of the insurance group, Promina Holdings. It was the second largest ever financial services transaction to be completed at the time.

The deal saw Suncorp acquire the AAMI, Australian Pensioners Insurance Agency and Vero brands and create a financial services company with assets around $63 billion. It also created an insurance heavyweight capable of competing with major competitor Insurance Australia Group (IAG) Ltd.