Latham & Watkins Advises TPG on Sale of Singlife to Sumitomo Life

Latham & Watkins has advised TPG on the sale of all its shares in Singapore Life Holdings Pte Ltd (Singlife), to one of Singlife’s substantial shareholders, Sumitomo Life Insurance Company (Sumitomo Life). TPG had invested in Singlife since 2020 and prior to this exit owned some 35% of the company.

The deal valued Singlife at SGD 4.6 billion and is one of the largest insurance deals in Southeast Asia to date. The transaction closed on 18 March 2024.

Latham previously advised TPG and a consortium on the original transaction to create Singlife and has supported TPG and Singlife in various relevant matters since.

The Latham team was led by Hong Kong partner Richard Watkins, with Singapore partner Sharon Lau, Hong Kong partner Dominic Geiser, and Singapore partner Farhana Sharmeen, and associates Rita Hong, Nga Sze Wong, Yun Ying, Yiheng Luo, and Tommy Tan. Advice on finance matters was provided by Singapore partners Chuan Wei Kong and Tim Hia; and on capital markets matters by London partner Anna Ngo.