Global investment firm KKR today announced that it has acquired approximately 9.95 per cent stake in Max Financial Services.
Max Financial Services, the newly demerged entity of the Max Group, owns an approximate 72 per cent stake in Max Life. KKR acquired its stake from a sponsor group led by Analjit Singh, Chairman Emeritus of the Max Group.
KKR made its investment from its Asian Fund II through the portfolio investment route. Further details of the transaction were not disclosed.
The partnership between KKR and Max Financial Services comes as the Indian life insurance sector steadily recovers from a recent slowdown and is poised for robust growth.
Analjit Singh of the Max Group said, “KKR has been a longstanding value-added partner to Max Group across various business initiatives. The extension of our partnership couldn’t have happened at a more opportune time than now, following the listing of Max Financial Services, which creates an unparalleled platform to invest in the Indian life insurance space.”
Sanjay Nayar, Member and CEO of KKR India, said, “We continue to believe in India’s growth potential, increase in financial savings and resultant life insurance industry growth. Within the sector we are excited to partner with Analjit Singh and his team at Max Financial Services, a company which is well positioned in the life insurance industry.”
JM Financial executed this trade on behalf of both parties.
No comments:
Post a Comment