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.

 

To contact the editorial team, please email ALBEditor@thomsonreuters.com.

Related Articles

Deals

AZB, STB act on OYO’s $525 mln U.S. bet

by Nimitt Dixit |

AZB & Partners has acted for Oravel Stays, the parent of e-hotelier OYO, on its proposed $525 million acquisition of U.S. motel operator G6 Hospitality from PE fund Blackstone. Simpson Thacher & Bartlett acted for Blackstone on the deal.

Deals

AZB, Khaitan guide Mankind’s $1.6 bln biopharma deal

by Nimitt Dixit |

AZB & Partners has served as legal advisor to Mankind Pharma on its agreement to acquire Bharat Serums and Vaccines (BSV) for 136.3 billion rupees ($1.6 billion) from private equity firm Advent International, which has been guided by Khaitan & Co.

Appointments

AZB adds TTA antitrust partner in Delhi

by Nimitt Dixit |

AZB & Partners has continued its antitrust growth with the addition of partner Dinoo Muthappa from Talwar Thakore & Associates in New Delhi.