Freshfields has advised Prudential on its 35-billion-rupee ($366 million) acquisition of a 75 percent stake in Indian insurance company Bharti Life from Bharti Life Ventures and 360 ONE Asset Management for, with AZB & Partners representing the sellers.
The deal is among the largest control acquisitions in the Indian insurance sector by a foreign investor following the recent liberalisation of the FDI regime and is part of a strategic repositioning of Prudential’s India operations.
Upon completion, Prudential’s Indian operations will consist of majority-owned Bharti Life Insurance and Prudential HCL Health Insurance, and minority shareholdings in ICICI Prudential Asset Management (35 percent) and ICICI Prudential Life (22 percent), according to Reuters. Prudential is required to reduce its shareholding in ICICI Prudential Life to under 10 percent to secure regulatory approval for the deal, Reuters added.
Freshfields’ team, led by partner Edward Freeman, included senior associate James Parkin and associate Eric Cheung. Partner Peter Clements and associate Melissa Pear advised on tax matters.
AZB & Partners’ team was led by senior partners Anil Kasturi, Niladri Maulik, and Nandita Govind, and partner Anshuman Vikram Singh, with support from counsel Rohit Dutta, senior associates Purvi Lhila and Mohit Sharma, and associates Nitin Kumar Verma, Maitreyi Singh, and Syed Mohd Waquar.
Senior partner Hemangini Dadwal, senior associate Ojasvi Mishra, and associates Palak Jagetia and Aryan Naagar advised on competition law matters.