Prudential plans to acquire 75% stake in Bharti Life Insurance  

May 17 (Reuters) - Prudential on Sunday said ​it has agreed ⁠to acquire a 75% ​stake in Bharti Life Insurance Company, from Bharti Life Ventures and 360 ONE ​Asset ‌Management , as part of a strategic repositioning of its India operations.

* ⁠Prudential said it will acquire a ⁠controlling stake in Bharti Life ​Insurance for initial cash consideration of 35 billion rupees ($364.74 million), payable on completion. An additional 7 billion rupees is potentially payable ​on the fulfillment ‌of certain conditions that the Hong Kong and London-listed insurer did not specify.

* Upon completion of the deal, Prudential said its Indian operations will consist of majority-owned Bharti Life ​Insurance and Prudential HCL Health Insurance, and minority shareholdings in two ‌listed entities, namely 35% of ICICI Prudential Asset Management Company and 22% in ICICI Prudential ‌Life Insurance Company.

* Prudential is required to reduce its shareholding in ICICIPru Life to under 10% to secure regulatory approval for ​the deal, the company said, adding that it is engaging with regulatory authorities on ‌this process.

* The deal is a strategic move to secure majority ownership of a life insurance business in India, a ⁠highly attractive market ⁠for Prudential, and enables the insurer ‌to work closely with Bharti Enterprises' other businesses and related entities, the statement added.

* ​Bharti Life ​will also look into securing strategic distribution ‌agreements with Bharti Airtel and 360 ONE as part of the deal, the statement said.

Prudential