Standard Life Completes Demutualization and IPO

On July 10, 2006, The Standard Life Assurance Company, the UK-based life insurance company, completed its demutualization and flotation on the London Stock Exchange. In 2004, Standard Life had carried out a detailed strategic review looking at various options for the company's future. At the conclusion of that review, the board concluded that the proposal to demutualize and float on the London Stock Exchange would be the best option.
The value of the business transferred on the demutualization was approximately £3.5 billion. Standard Life Plc raised £1.3 billion of net new capital in offers, which raised approximately £2.2 billion. Standard Life's flotation was the largest in Britain in more than five years and was three times over-subscribed.
In Canada, Penny Westman, senior vice-president–legal and compliance, and Catherine Arnott, vice-president and general counsel, led the Canadian legal team, which worked on this project for more than two years. The in-house team called on Blake, Cassels & Graydon LLP for assistance. The Blakes team was led by Dawn Jetten (regulatory); Greg Frenette (corporate) and Pam Hughes (securities). Also playing major roles were Paul Tamaki (tax); Jim Hilton and David O'Brien (real estate); Natalie Bussière and Liz Boyd (pensions) and Michael Bantey (securities). Associates in Blakes' Toronto and Montreal offices involved in the transaction included Jake Gilbert (corporate); Sharissa Ellyn (regulatory); John Sawicki (tax) and Stacy McLean (securities).
Financial advice was provided to Standard Life by Lazard Frères, Merrill Lynch and UBS Investment Bank. The underwriters of the offers were Merrill Lynch International, UBS Limited, JPMorgan Cazenove Limited and Citigroup Global Markets Limited. Stikeman Elliott LLP acted for the underwriters in Canada with a team led by Brian Rose, Jamie Davis and Stuart Carruthers. Included in the Stikeman team were Dee Rajpal, Steeve Robitaille, Gary Nachshen, Andrea Crum-Ewing and Nevinne Hassan.
Standard Life was represented in the United Kingdom by Slaughter and May, in Scotland by Dundas & Wilson LLP, and in the United States by Davis Polk & Wardwell. The financial advisors and underwriters in the United Kingdom were represented by Herbert Smith LLP.