HDFC Standard Life Insurance, a joint venture between HDFC and Standard Life, will be absorbing Max Life Insurance and Max Financial Services, according to reports, in what is billed as the biggest ever consolidation in the private insurance space in India.
The Economic Times reported:
HDFC Chairman Deepak Parekh and Max Group Chairman Analjit Singh announced a deal merging their life insurance businesses to create what will eventually be India’s largest listed life insurance company with an estimated market value of Rs 67,000 crore once the all-share transaction is completed in about 12-15 months.
Shardul Amarchand Mangaldas chairman Shardul Shroff and partner Shailaja Lall acted for HDFC.
Cyril Amarchand Mangaldas managing partner Cyril Shroff, Mumbai partner Shishir Vayttaden and principal associate Prateek Shroff acted for Standard Life.
Cyril Amarchand Mangaldas Bangalore corporate partners Nivedita Rao and Anand Jayachandran acted as legal counsel to MSI, which is a shareholder in Max Life.
MSI’s international legal counsel was Paul Weiss Tokyo partner Kaye Yoshino and counsel Chikara Momoto.
AZB & Partners partners Anil Kasturi and Niladri Mullick acted for Max Life.
Minority shareholder Axis Bank, which will hold a 1.2 per cent in the merged entity, was represented by Majmudar & Partners managing partner Akil Hirani, according to a press release from the firm.
S&R Associates partners Rajat Sethi and Sudip Mahapatra and associate Niruphama Ramakrishnan acted for Citigroup, which was financial advisor to HDFC Standard Life Insurance Company, according to a press release from the firm.
Full Shardul Amarchand team:
Strategic advisory: executive chairman Shardul S Shroff.
Corporate: partner Kalpataru Tripathy, partner Shailaja Lall, partner Promode Murugavelu, partner Yogesh Chande, principal associate Ashish Teni, senior associate Shivangi Talwar, associate Ishita Bhardwaj, associate Shanta Chirravuri, associate Uday Opal, associate Akshita Agrawal, associate Debrupa Agarwala.
Competition Law: partner Shweta Shroff Chopra, partner Aparna Mehra, principal associate Yaman Verma, associate Prateek Bhattacharya.
Tax: partner Amit Singhania, partner Sandeep Chilana, principal associate Gouri Puri, senior associate Aurica Bhattacharya.
Intellectual Property: partner Charu Mehta.
Full AZB & Partners team:
Strategic Advisory: managing partner Ajay Bahl
Corporate: partner Anil Kasturi, partner Niladri Mullick, senior associate Jaishree Tolani, senior associate Abhiroop Datta, associate Ashish Pareek, associate Kanchan Puri, associate Ankit Bhasin, associate Shreya Basu, Paras Chopra, Associate.
Competition Law: partner Samir Gandhi, senior associate Kamya Rajagopal, associate Shashank Sharma.
Tax: partner Ravi Prakash.
Intellectual Property: partner Akhilesh.
Update, 10 August 2016: Added full list of advisors, details and value post deal announcement, added Majmudar as advisers to Axis Bank.
Update 2: Added S&R Associates involvement.
Update 3: Added CAM involvement for MSI.
Comments
with ashish leading in insurance and Shivangi killing it in M&A
I am sure this is a start and many more to come.
in a deal as large as this. and as complex as this with a specific reference to insurance..
Only 3-4 firms could have handled the transaction..
all 3 are representing clients here except for K&Co
Luthra Trilegal and JSA.. wouldn have the bandwidh or the expertise to do a deal like this..
as simple as that
leave us in our small well na..
if the world was flat and there was seamless movement of lawyers and clients..then your random comparison between an Indian firm and the headquarters of an international firm.. would suffice..
but given the fact that we are a closed legal market.. we can only evaluate indian deals..
so stop doing random..apples to oranges comparison..