In November last year, the Switzerland-based Zurich Insurance Group had agreed to acquire a 51 percent stake in Kotak Mahindra General Insurance Company for about Rs 4,051 crore. The proposed transaction valued Kotak Mahindra General Insurance Company at Rs 7,943 crore ($955 million) on a post-money valuation
New Delhi:
The Competition Commission of India (CCI) has approved Zurich Insurance Company buying 70 per cent stake in Kotak Mahindra General Insurance Company.
“CCI approves the acquisition of 70 per cent stake in Kotak Mahindra General Insurance Company Ltd by Zurich Insurance Company Ltd,” said a CCI post in X, formerly Twitter.
The proposed combination involves the acquisition of a majority stake in the Kotak Mahindra General Insurance Company by Zurich Insurance Company from Kotak Mahindra Bank Limited.
Zurich Insurance will acquire a 51 per cent stake in Kotak General Insurance (through a combination of fresh growth capital and share purchase).
In addition to the above, Zurich Insurance will also acquire an additional stake of up to 19 per cent in Kotak General Insurance over a period of time.
In November last year, the Switzerland-based Zurich Insurance Group had agreed to acquire a 51 percent stake in Kotak Mahindra General Insurance Company for about Rs 4,051 crore.
The proposed transaction valued Kotak Mahindra General Insurance Company at Rs 7,943 crore ($955 million) on a post-money valuation.
The deal, is expected to be completed by June 30, 2024,
Zurich Insurance is a wholly-owned subsidiary of Zurich Insurance Group Ltd (Zurich Insurance Group), and is a leading multi-line insurer serving people and businesses in more than 200 countries and territories.