MUMBAI:
Cyril Amarchand Mangaldas acted as the legal counsel to QBE Insurance Group Limited (QBE) in relation to Paytm’s acquisition of Raheja QBE General Insurance Company Limited (Company).
As part of the Transaction, QBE Holdings (AAP) Pty. Limited and QBE Asia Pacific Holdings Limited (collectively, QBE Entities) have entered into definitive agreements to divest their entire shareholding of 49% in the Company to QorQl Private Limited (Buyer), a technology company with majority shareholding of Vijay Shekhar Sharma and remaining held by Paytm (owned by One97 Communications Limited).
The Transaction involves 100% acquisition of the Company by the Buyer, in which balance 51% of the shareholding is proposed to be sold by Prism Johnson Limited, the joint venture partner of the QBE Entities. The Transaction is subject to the approval of the Insurance Regulatory and Development Authority of India (IRDAI).
The General Corporate team was led by Rishi Gautam, Partner; with support from Neham Tayal, Senior Associate; Abhishek Kalra, Senior Associate; Abhay Singh, Associate; and Aditya Karekatte, Associate.
Other Parties and Advisors to the Transaction included:
Prism Johnson Limited (JV partner of QBE Entities)
Trilegal (Legal advisors to Prism Johnson Limited)
Shardul Amarchand Mangaldas (Legal advisors to Paytm/ Buyer)
EY (Tax advisors to QBE)
The Transaction was signed on July 6, 2020 and is expected to close by March 31, 2021 subject to fulfilment of customary conditions precedent and regulatory approvals.
