M&A

M&A

Update: Zurich Insurance to acquire 70% stake in Kotak General in single tranche for Rs.5,560-Cr

Business Standard  

In a modification of their earlier agreement, Zurich Insurance has agreed to acquire a 70% stake in Kotak Mahindra General Insurance, for INR 5,560 crore, in a single tranche.In November 2023, Kotak Bank had announced the sale of a 51% stake in Kotak Mahindra General Insurance to Zurich Insurance for INR 4,051 crore through a combination of fresh capital infusion and share purchase, followed by a 19% stake sale within three years.Now, Zurich has agreed to acquire the 70% stake in Kotak General in a single tranche, for a total consideration of about INR 5,560 crore. The other terms of the stake acquisition remain the same.