Bajaj to acquire Allianz’s 26% stake in life, general insurance JVs for ₹24,000 cr
The Hindu
Bajaj Finserv acquires Allianz SE's stake in insurance JVs for ₹24,180 crore, increasing ownership to 100%.
Bajaj Finserv will acquire Allianz SE’s 26% stake in Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company for ₹24,180 crore.
The acquisition will increase Bajaj Group’s ownership in the joint ventures to 100% and terminate their 24-year-old insurance JV agreements with Allianz SE.
The consideration for the 26% stake in the general insurance and life insurance JVs is ₹13,780 crore and ₹10,400 crore respectively, Bajaj Finserv said on March 17, announcing signing of share purchase agreements (SPAs).
“The execution of the SPAs mark the culmination of constructive and amicable discussions to ensure a seamless transfer of the stake of Allianz. The acquisition is subject to regulatory approvals,” it said. Under the SPAs, Bajaj Finserv will acquire approximately 1.01%, Bajaj Holdings and Investment approximately 19.95% and Jamnalal Sons approximately 5.04%, aggregating to 26% in each of the insurance companies. Post acquisition, BFS stake will be 75.01% in both the companies.
The JV agreements will stand terminated upon completion of first tranche of acquisition of at least 6.1% and reclassification of Allianz from being a promoter to investor. “Together with Allianz, we have built two of the strongest insurance companies in India with a combined premium exceeding ₹40,000 crore, while maintaining industry-best solvency margins. Given the advantage of a single ownership in both companies, we are confident the acquisition will become a big driver of value for our stakeholders in the years to come,” Bajaj Finserv CMD Sanjiv Bajaj said.
The Bajaj Group and Allianz said they intend to independently pursue their insurance strategies in India on termination of the JVs. Their decision comes amid the Government of India deciding to raising foreign direct investment (FDI) limit for the insurance sector from 74% to 100%.
Separately, in a release on the decision to sell its 26% stake in the non-life and life insurance JVs to the Bajaj Group for around EUR 2.6 billion, Allianz said India continues to be one of its growth markets. It will explore new opportunities to strengthen its position in the market and expand its potential to serve not only as an investor but also as an operator.
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