Acquisitions18 Mar 2025, 03:40 am
Bajaj Finserv to Acquire Allianz’s 26% Stake in Insurance Joint Ventures for Rs. 24,180 crore
AI Summary
Bajaj Finserv Ltd. has signed Share Purchase Agreements (SPAs) for the acquisition of 26% interest owned by Allianz SE in its insurance businesses, Bajaj Allianz General Insurance Company (BAGIC) and Bajaj Allianz Life Insurance Company (BALIC). The acquisition, amounting to Rs. 24,180 crore, will increase Bajaj Group’s ownership in BAGIC & BALIC to 100% from the current 74%. The acquisition is subject to regulatory approvals, including approvals from the Competition Commission of India and the Insurance Regulatory and Development Authority of India. The joint venture agreements between the Bajaj Group and Allianz SE in respect of insurance businesses will stand terminated upon the completion of the acquisition.
Key Highlights
- Bajaj Finserv to acquire 26% stake in Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company from Allianz SE for Rs. 24,180 crore.
- The acquisition will increase Bajaj Group’s ownership in BAGIC & BALIC to 100% from the current 74%.
- The acquisition is subject to regulatory approvals, including approvals from the Competition Commission of India and the Insurance Regulatory and Development Authority of India.
- The 24-year-old joint venture agreements between the Bajaj Group and Allianz SE in respect of insurance businesses will stand terminated upon the completion of the acquisition.
- Bajaj Finserv will acquire approximately 1.01% in each of the insurance companies, Bajaj Holdings and Investment Ltd. will acquire approximately 19.95% and Jamnalal Sons Pvt. Ltd. will acquire approximately 5.04%, aggregating to 26% in each of the insurance companies.