Zurich Insurance Company Ltd is set to acquire a majority stake in Kotak Mahindra General Insurance Company Limited from Kotak Mahindra Bank Limited.
According to the Stock Exchange disclosure by Kotak Mahindra Bank, Zurich Insurance Company will acquire 51% stake in Kotak General Insurance for ₹4,051 crore and will acquire an additional stake of 19% within a period of three years from its initial acquisition.
The Transaction values Kotak General Insurance at approximately Rs. 7,943 crore on a post money valuation.
Cyril Amarchand Mangaldas represented Zurich Insurance.
Transaction Team was led by Partners Indranath Bishnu, Ankita Ray (Employment) and Kirthi Srinivas (Competition).
Team of Associates included Anirud Sudarsan R, Ayushi Agrawal, Shaleen Tiwari , Ila Vyas, Soumyaditya Dasgupta, Ayushi Agrawal, Mohini Parghi, Aaryan Wasnik, Krithika Radhakrishnan, Siddhi Kochar, Shivani Sathe, Aaditya Ranbir Sahgal and Srishti Chhabra.
Freshfields too advised the Zurich Group in its acquisition of a controlling stake in Kotak General Insurance.
The Freshfields team advising on the transaction is led by partner and global co-head of M&A Robert Ashworth and partners Jon Bowden and Arun Balasubramanian. They are supported by Global Transactions associate Dickson Chan, counsel David Schwintowski, senior associate Alice Boughton and associate Samuel Pullin. IP advice was provided by partner Richard Bird and associate Harshavardhan Ganesan. Antitrust advice was provided by counsel Laurent Bougard and associate Charles Tay.
AZB & Partners acted for Kotak Mahindra General Insurance in this deal.
The transaction team was led by Kashish Bhatia (Senior Partner) along with Associates Chitrangada Singh, Aditi Shukla and Yashi Saraswat.
The transaction represents the single largest investment by a global strategic insurer in the Indian non-life insurance sector.