Deal Street

September 02, 2020

Bharti AXA merger of general insurance business with ICICI Lombard assisted by Cyril Amarchand Mangaldas


[ by Legal Era News Network ]

Bharti AXA merger of general insurance business with ICICI Lombard assisted by Cyril Amarchand Mangaldas

Cyril Amarchand Mangaldas acted as the legal counsel to Bharti AXA General Insurance Company Limited (Bharti AXA) and Bharti General Ventures Private Limited (Bharti General) on the de-merger of Bharti AXA’s general insurance business with ICICI Lombard General Insurance Limited (ICICI Lombard).

The General Corporate, Competition Law practices, assisted by the Artificial Intelligence team, of Cyril Amarchand Mangaldas, advised on the Transaction.

The Transaction team was led by Shishir Vayttaden, Partner; and Dhruv Singhal, Partner; with support from Sonakshi Arora, Senior Associate; and Swapna Satapathy, Associate.

Indranath Bishnu, Partner; with support from Pranjita Burman, Principal Associate; assisted on the insurance law aspects of the Transaction.

Avaantika Kakkar, Partner & Head – Competition; and Vijay Pratap Singh Chauhan, Partner; assisted on the competition law aspects of the Transaction.

Komal Gupta, Head – Artificial Intelligence & Innovation; with support from Lvanika Parti, Principal Associate; Yash Vardhan, Senior Associate; Ruchi Bawa, Senior Associate; Harmeet Dhall, Senior Associate, Punya Khachi, Senior Associate – Designate, along with Arveen Chugh, Associate; and
Surabhi Saboo, Associate, assisted on the Transaction.

As part of the Transaction, ICICI Lombard will issue equity shares, worth INR 4485 crore, to the shareholders of Bharti AXA. The consideration for the transaction was entirely in the form of ICICI Lombard shares to the shareholders of Bharti AXA General Insurance and no cash consideration was involved.

Other parties involved in the Transaction included Ernst & Young LLP (EY) (M&A & Financial advisor to ICICI Lombard and Bharti AXA); and BDO Valuation Advisory LLP and MKSA & Associates (Valuer)

The Transaction was signed on August 21, 2020 and is subject to regulatory approval.



Related Post

latest News

  • Former Bhushan Power & Steel Ltd Chief Sanjay Singhal Moves Court Seeking Interim Bail Citing Medical Reasons

    Former Bhushan Power and Steel Ltd chief Sanjay Singhal has moved a Delhi court seeking interim bail in a money laundering case, citing medical reason...

    Read More
  • Foreign decrees passed in UAE can now be enforced in India after reciprocal agreement between the two nations

    The Central Government has issued a notification declaring United Arab Emirates (UAE) to be a reciprocating territory and that foreign civil decrees p...

    Read More
  • User Manual for E-Filing Procedure for High Courts, District Courts in India

    On November 12, the eCommittee of the Supreme Court of India issued a notice regarding a User Manual for E-Filing Procedure for High Courts and Distri...

    Read More