“Safecrop Holdings Pvt Ltd, a consortium of investors, including WestBridge AIF, Rakesh Jhunjhunwala and Madison Capital, has signed a definitive agreement with the shareholders of Chennai-based Star Health & Allied Insurance Company Ltd to acquire their shares. While the company and investors did not disclose the value of the deal, market sources said that it was around $1 billion,” reported Business Standard.

Platinum Partners acted for the company Star Health and some of the selling shareholders, led by a team including partners Ankit Majmudar and Gautam Bhat, and lawyers Namrata Sinha, Kosha Thaker and Aayush Raman.

AZB & Partners acted for the promoters of Star Health.

Nishith Desai Associates (NDA) lawyers Nishchal Joshipura, Abhinav Harlalka and Rishabh Sharma acted for WBC and Madison Capital, according to NDA’s press release.

Trilegal acted for investor Rakesh Jhunjhunwala, led by partner Sridhar Gorthi, partner Ashwyn Misra, senior associate Jeet Chaudhuri, senior associate Swapnil Phadnis, and associate Diksha Maheshwari.

Update 28 August 2018: Phoenix Legal advised seller Apis Partners, which continues to hold a minority stake in Star Health. The Phoenix team was led by partner Sriram Ramachandran and associate Lavanya Mani.

Update 24 May 2019: L&L Partners advised Madison Capital led by a team of partners Sundeep Dudeja and Vaibhav Kakkar.

Update 6 December 2019: Samvad Partners advised Sequoia Capital led by a team including partner Vineetha MG.

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