Cyril Amarchand Mangaldas has represented Japan’s Mitsui Sumitomo Insurance Company (MSI), on its 4,200 crore-rupee ($592 million) acquisition of a stake in Max Financial Services (MFS). AZB & Partners advised MFS and Max Life Insurance Company (MLIC).
MFS is the holding company of MLIC, wherein MSI holds a nearly 26 percent stake. Under the terms of a stock swap, Mitsui Sumitomo Insurance will swap 19.98 percent of its shareholding in Max Life Insurance with 21.45 percent stake in MFS.
According to the Financial Express, the swap will enable MFS to simplify the shareholding structure in its subsidiary and have more flexibility to attract strategic investments in MLIC in the future, while maintaining its majority ownership.
The CAM team was led by partners Nivedita Rao, Anand Jayachandran, S. Patnaik and Avaantika Kakkar. The AZB team was led by partners Anil Kasturi, Niladri Maulik and Anisha Shridhar.
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