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Acting for Blue Insurance Limited on conditional sale to the Cover-More Group

  • Ireland
  • General

27-07-2018

We are delighted to act for the owners of Blue Insurance Limited on its conditional sale to the Cover-More Group, a member of the Zurich group of companies. Blue Insurance is one of the most successful and innovative insurance companies operating in the Irish market and has developed bespoke and successful products in areas such as travel, gadget and pet insurance. 

We acted for and supported the owners of Blue Insurance throughout the competitive tender process up to execution and exchange of transaction documents earlier this week. The transaction is subject to the approval of the Competition and Consumer Protection Commission.

This transaction again evidences the breadth and strength of our offering here at Eversheds Sutherland in the context of acting for sellers and buyers in transactions relating to regulated industries. It builds on recent transactions where we used our sector expertise such as acting on the Irish aspects of the sale by Capita of its asset services division, acting for Sovereign Capital Partners in respect of its support of the MBO of Arachas Corporate Brokers Limited and then subsequently acting for Arachas Corporate Brokers Limited on its acquisition of various insurance brokerages operating in the insurance market here in Ireland. 

Our team was led by Corporate Partner, Gavin O’Flaherty, assisted by Christine Quigley and Amy McDermott (Corporate), Sean Ryan and Lisa Devanny (Competition), Marie McGinley and Ciara Geraghty (IP and Data Protection), Ciara McMahon (Employment) and Aidan Rafferty (Company Secretarial). Alan Connell (Partner and Head of Tax) led the tax team on structuring the transaction, assisted by Robert Dever, Emma Hartnett and Sarah O’Connor (Tax).

Gavin O’Flaherty, Partner in the Corporate & Commercial Department at Eversheds Sutherland said:

“We are delighted to be involved in what is a transformative transaction for an exciting and growing Irish company. This project again illustrates that our multi-disciplinary team can support and lead the most complex transactions from their inception up to completion by utilising the industry expertise available to us in the firm”.

Alan Connell, Partner and Head of Tax at Eversheds Sutherland said:

“At Eversheds Sutherland, having regard to our strength and depth within the Tax Group, we are consistently working together on a multi-disciplinary and cross departmental basis, on the largest and most complex transactions in the Irish market. We are very pleased to have provided tax structuring advices on this transaction.  Our innovative and collaborative approach distinguishes us and provides us with the cutting edge in the marketplace.”

Ciaran Mulligan, CEO of Blue Insurance said:

“We greatly valued the assistance of Gavin, Alan and the team in Eversheds Sutherland throughout this transaction. The partner-led service meant that we were able to pre-empt, understand and deal with transactional issues in a timely manner which meant that our desired outcome could be achieved”.

Disclaimer

This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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