Global law firm Freshfields is advising Prudential plc, a multinational insurer and asset manager, on its acquisition of a 75% equity stake in Bharti Life Insurance Company Limited, a prominent Indian life insurer, from Bharti Life Ventures Private Ltd and 360 ONE Asset Management.
The aggregate base consideration is approximately US$389 million, payable on completion. Additional consideration of approximately US$78 million will be payable, depending on the fulfilment of certain conditions.
Following completion, Prudential’s Indian operations will consist of majority-owned Bharti Life Insurance Company Limited and Prudential HCL Health Insurance Limited, and minority shareholdings in two listed entities, namely 35% of ICICI Prudential Asset Management Company Limited and 22% in ICICI Prudential Life Insurance Company Limited.
Regulatory approvals for the transaction are expected to require Prudential to reduce its shareholding in ICICIPru Life to under 10%. Prudential is engaging with the relevant regulatory authorities on this process and will seek an appropriate timeframe for the divestment that may be required, in the interests of its shareholders.
Separately, Prudential continues to progress toward regulatory approvals for its standalone, majority-owned health insurance business in India. Health insurance operations are expected to commence during 2026 on receipt of these approvals.
The Freshfields team was led by partner Edward Freeman, supported by senior associate James Parkin and associate Eric Cheung.
Tax advice was provided by partner Peter Clements and associate Melissa Pear.
