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Deal monitor - EY - India

Finesse: March-June 2011

Deal monitor

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TargetAcquirer/InvestorDetails
Deutsche Bank (Indian credit card business)IndusInd Bank Ltd.IndusInd Bank has acquired the credit card unit of Deutsche Bank in India. Deutsche Bank has 0.15 million active credit cards in the country.
Benchmark Asset Management Company Pvt. Ltd.Goldman Sachs
Asset Management
Goldman Sachs Asset Management is set to acquire Benchmark Asset Management Company with an AUM of around US$700 million. The transaction is expected to close later in the year, subject to regulatory approvals.
Reliance Life Insurance Company LimitedNippon Life Insurance Company

Nippon Life Insurance Company is planning to acquire a 26% stake in Reliance Life Insurance for INR30.62 billion (US$680 million), valuing the insurer at around INR115 billion (US$2.6 billion). The transaction is subject to the requisite regulatory approvals.

SharekhanAngel BrokingAngel Broking, the retail brokerage firm, is holding talks to acquire a majority stake in its domestic rival Sharekhan. A 51% stake acquisition deal could be worth a minimum of INR8–INR10 billion (US$178–US$222.5 million). The combined entity of Sharekhan-Angel Broking is likely to have 1.8 million customers.
Techno Shares & StocksWay2WealthWay2Wealth, the Indian financial services company, has bought a 51% stake in Techno Shares & Stocks, the Indian retail broking company. The deal size has not been disclosed. Techno Shares is reported to have 250 outlets, including its franchisees, in India.
Asuransi Multi Artha GunaReliance CapitalReliance Capital is set to acquire a 63% stake in Asuransi Multi Artha Guna, an Indonesian insurance company, for an estimated amount of US$31 million. Reliance is expected to acquire the stake from Panin, an Indonesian financial services group.
MetLife IndiaPunjab National BankPunjab National Bank is close to acquiring a stake of up to 33% in MetLife India. According to sources, valuation talks relating to the deal are ongoing.
Shriram Transport FinanceOrix CorporationShriram Transport Finance Company has confirmed that Orix Corporation is engaged in discussions with TPG Capital, the private-equity player, for the latter’s 20% holding in Shriram Transport Finance Company for an estimated price of around INR30 billion.
Bharti AXA Life Insurance Co. Ltd. and Bharti AXA General Insurance Co. Ltd.Reliance Industries LimitedReliance Industries Limited has reached an understanding with AXA and Bharti Enterprises to acquire Bharti’s shareholding of 74% in Bharti AXA Life Insurance Co. Ltd. and Bharti AXA General Insurance Co. Ltd.

 

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Sources: Datamonitor; Mergermarket

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