Bajaj Finserv to buy Allianz’s 26% stake in Bajaj Allianz Life and General Insurance for Rs 24,000 crore
Bajaj Finserv announced it will acquire Allianz SE’s 26% stake in both Bajaj Allianz Life Insurance and Bajaj Allianz General Insurance for ₹24,180 crore, ending their 24-year partnership. Under the deal, Bajaj Finserv will acquire about 1.01% in each company, Bajaj Holdings and Investment Ltd will pick up 19.95%, and Jamnalal Sons Pvt. Ltd will take 5.04%, aggregating to the full 26% stake in both firms. Following the acquisition, Bajaj Group’s ownership in both insurance companies will increase to 100%. The transaction is subject to regulatory approvals. Additionally, Bajaj Finserv will also buy Allianz’s stake in Bajaj Allianz Financial Distributors Ltd. As their partnership ends, Bajaj Group and Allianz plan to pursue independent growth in India’s insurance market. Bajaj Finserv stated the deal will enhance long-term value and strengthen its market position.
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