Cyril Amarchand Mangaldas advises Bharti AXA on merger of general insurance business with ICICI Lombard

Cyril Amarchand Mangaldas acted as the legal counsel to Bharti AXA General Insurance Company Limited (Bharti AXA) and Bharti General Ventures Private Limited (Bharti General) on the de-merger of Bharti AXA’s general insurance business with ICICI Lombard General Insurance Limited (ICICI Lombard).

The General Corporate, Competition Law practices, assisted by the Artificial Intelligence team, of Cyril Amarchand Mangaldas, advised on the Transaction.

The Transaction team was led by Shishir Vayttaden, Partner; and Dhruv Singhal, Partner; with support from Sonakshi Arora, Senior Associate; and Swapna Satapathy, Associate.

Indranath Bishnu, Partner; with support from Pranjita Burman, Principal Associate; assisted on the insurance law aspects of the Transaction.

Avaantika Kakkar, Partner & Head – Competition; and Vijay Pratap Singh Chauhan, Partner; assisted on the competition law aspects of the Transaction.

Komal Gupta, Head – Artificial Intelligence & Innovation; with support from Lvanika Parti, Principal Associate; Yash Vardhan, Senior Associate; Ruchi Bawa, Senior Associate; Harmeet Dhall, Senior Associate, Punya Khachi, Senior Associate – Designate, along with Arveen Chugh, Associate; and Surabhi Saboo, Associate, assisted on the Transaction.

As part of the Transaction, ICICI Lombard will issues equity shares, worth INR 4485 crore, to the shareholders of Bharti AXA. The consideration for the transaction was entirely in the form of ICICI Lombard shares to the shareholders of Bharti AXA General Insurance and no cash consideration was involved.

Other parties involved in the Transaction included Ernst & Young LLP (EY) (M&A & Financial advisor to ICICI Lombard and Bharti AXA); and BDO Valuation Advisory LLP and MKSA & Associates (Valuer)

The Transaction was signed on August 21, 2020 and is subject to regulatory approval.