Davis Polk & Wardwell LLP is advising PartnerRe (NYSE:PRE) on its approximately $2 billion acquisition of PARIS RE (EURONEXT:PRI). Under the terms of the definitive agreement, PartnerRe will exchange 0.30 of its common shares for each PARIS RE common share outstanding in a stock-for-stock transaction, adding $1.7 billion in new shareholders’ equity to PartnerRe. Separately, PARIS RE is expected to distribute $310 million in cash as a return of capital to its shareholders.

Pembroke, Bermuda-based PartnerRe is a leading global reinsurer, providing multi-line reinsurance to insurance companies. The company, through its wholly owned subsidiaries, also offers alternative risk products that include weather and credit protection to financial, industrial and service companies. Headquartered in Zug, Switzerland, PARIS RE, through its subsidiaries, provides reinsurance solutions primarily in Switzerland, France, the United States, Singapore and Canada. It operates in various lines of facultative and treaty reinsurance covering property, casualty, marine, aviation and space, credit and surety, life and accident and health risks.

The Davis Polk corporate team includes partner Phillip R. Mills and associates William J. Chudd, Cherie Chen, Joanna A. McGinley, Alexander N. Macleod, Ron E. Garber and Joel Pulliam, all of the New York office, associate David L. Portilla (admitted only in New York; practicing in D.C. under the supervision of partners of the firm) of the Washington, D.C., office and partner Christophe Perchet (admitted only in Paris) and associates Jérôme Sibille (admitted only in Paris) and Emilie Huard (admitted only in Paris), all of the Paris office. Partner Kyoko Takahashi Lin and associates Bernice A. Grant and Wendy M. Phillips are providing benefits advice. Partners Richard J. Sandler and Michael Kaplan and associates Wendi Hoeben, Roman Ajzen, Wendy Chong and Michael J. Moldowan are providing capital markets advice. Partner Ethan T. James, counsel Courtenay U. Myers and associates Sonia L.R. Garner, Aaron Page and Chaoyuan Charles Shi (not yet admitted) are providing financial institutions advice. Partners Lucy W. Farr and Neil Barr, both of the New York office, partner Rachel D. Kleinberg of the Menlo Park office, and associates Joanna Mork and Kay Ng, both of the New York office, are providing tax advice. Partner Ronan P. Harty and counsel Stephen M. Pepper are providing antitrust advice. Counsel William B. Hoffman and associates Bethany K. Hipp and Jeanine P. McGuinness, all of the Washington, D.C.. office, are providing regulatory advice. Except as noted above, all members of the Davis Polk team are based in the New York office.