02 July 2015 I Deals and Cases

Zurich Domiciled ACE Limited to Acquire Chubb for USD 28.3 Billion in Cash and Stock

On 1 July 2015, ACE Limited, a Swiss company domiciled in Zurich, and The Chubb Corporation, a US company domiciled in Warren (New Jersey), announced that their Boards of Directors have unanimously approved an agreement under which ACE will acquire Chubb. Under the terms of the transaction, Chubb shareholders will receive per share USD 62.93 in cash and 0.6019 ACE shares. Together, ACE and Chubb will create a global leader in commercial and personal property and casualty (P&C) insurance. The transaction is expected to close during the first quarter of 2016, subject to approval by ACE and Chubb shareholders, merger control clearances and regulatory approvals.

In this transaction, Bär & Karrer acts as Swiss counsel to ACE Limited focusing on Swiss corporate and tax issues, while Sullivan & Cromwell LLP is ACE Limited's lead counsel. The Bär & Karrer team is led by Rolf Watter and Urs Kägi (M&A) and includes Daniel Lehmann, Peter Reinarz and Andreas Steffen (Tax), Daniel Küpfer (M&A), and Peter Hsu (Insurance Regulatory Law).