AZB & Partners advised ICICI Lombard General Insurance on its acquisition of the non-life insurance business of Bharti AXA General Insurance through a share swap deal.
The acquisition, valued at more than US$50 million, involves the demerger of the non-life insurance business from Bharti AXA, an unlisted company, and subsequent merger into ICICI Lombard, a Bombay Stock Exchange and National Stock Exchange of India-listed company, through a scheme of arrangement.
The deal was signed on 21 August. Its closing is subject to various conditions including regulatory approvals from the Insurance Regulatory and Development Authority of India, the Competition Commission of India, the Securities and Exchange Board of India, and the Reserve Bank of India, among others.
AZB & Partners’ team comprised partners Shameek Chaudhuri, Arvind Ramesh and Bharat Budholia, and senior associates Himanshoo Tembe and Jeet Chaudhuri.
CAM’s team included general corporate and competition law experts supported by the firm’s artificial intelligence and innovation team, headed by Komal Gupta. The team comprised: partners Shishir Vayttaden and Dhruv Singhal, senior associate Sonakshi Arora, and associate Swapna Satapathy (transaction); partner Indranath Bishnu and principal associate Pranjita Burman (insurance law); and partners Avaantika Kakkar and Vijay Pratap Singh Chauhan (competition law).
TTA’s team comprised partners Kunal Thakore, Deepa Christopher and Neville Golwalla, managing associate Anurag Shrivastav, and associates Gayatri Chadha and Chhavi Singhal.
ICICI Lombard said the deal would give it an opportunity to consolidate its position, and to become the country’s third-largest non-life insurer.