LONDON (dpa-AFX) - Prudential PLC (PUK, PRU.L, 2378.HK, K6S.SI), an insurer and asset manager, said that as part of a strategic repositioning of its India operations, it has agreed to acquire a 75% stake in Bharti Life Insurance Company Limited, an Indian life insurer, from Bharti Life Ventures Private Limited and 360 ONE Asset Management.
The transaction is for an initial cash consideration of around $389 million, which will be funded from existing resources. There is potential additional consideration payable of up to approximately $78 million, which will depend upon the fulfillment of certain conditions.
Anil Wadhwani, CEO of Prudential, said: 'India is a strategically important and exciting market for Prudential. By acquiring a controlling stake in Bharti Life, we are bringing together Prudential's nearly 180 years of global insurance expertise and Bharti's strong and growing local presence...'
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