U.S.-based private equity firm Warburg Pincus LLC has made the highest offer among all the bidders to acquire the 26% stake in IndiaFirst Life Insurance Co. Ltd. owned by Legal & General Group PLC, Mint reported May 22, citing two people aware of the development.
The deal value is expected to be around US$150 million, subject to change as deal talks progress, according to the report.
The Indian insurer attracted interest from several buyers, including Fairfax Financial Holdings Ltd. and General Atlantic LLC, among others.
IndiaFirst Life is a joint venture between Indian lenders Andhra Bank and Bank of Baroda and Legal & General. Andhra Bank and Bank of Baroda own 30% and 44% stakes in the insurer, respectively, while Legal & General holds the remaining 26%.
Warburg Pincus and Bank of Baroda spokespersons declined to comment on the matter, while emails sent to Legal & General and Andhra Bank remained unanswered, according to the publication.
