PE firm KKR picks up 10% in Max Financial Services – Feedback

Global private equity firm KKR announced on Thursday that it has acquired a 9.95 per cent stake in Max Financial Services. Though the deal size was kept under wraps, industry estimates pegged it around $ 150 million.

Max Financial Services, the newly de-merged entity of the Max Group, holds around 72 per cent in Max Life. The fourth-largest life insurer in the private sector, Max Life is a joint venture with Japan-headquartered Mitsui Sumitomo Insurance. KKR acquired the stake from a clutch of investors led by Analjit Singh, Chairman Emeritus of the Max Group. With the Centre raising the FDI cap in the insurance sector to 49 per cent, a number of foreign investors have increased their exposure in their Indian joint ventures (JVs). Singapore’s Temasek Holdings, Canada’s Sun Life Financial Inc and Japan’s Nippon Life are among those that invested recently.

http://www.thehindubusinessline.com/markets/kkr-bets-on-life-insurance-sector-with-10-stake-buy-in-max-financial/article8252304.ece

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