INSUBCONTINENT EXCLUSIVE:
Mumbai: Safecrop Holdings, a consortium of WestBridge AIF, Rakesh Jhunjhunwala and Madison Capital, has signed definitive agreements with
The company has been valued at Rs 6,500 crore, according to people aware of the development.
Star Health will be almost wholly acquired,
The remaining 4.9 per cent is under dispute and will remain with two shareholders of Dubai-based ETA Trading.
WestBridge Capital and
Jhunjhunwala confirmed the deal had taken place
Return Likely for InvestorsBuyout firm WestBridge Capital had teamed up with Jhunjhunwala in order to pursue Star Health earlier this year
The sale process had hit a roadblock when investor Ahmed Abdulla Ahmed Al Ghurair of ETA Trading moved the Madras High Court against the
Investment Banking, Evercore and Mizuho Securities (Singapore) were financial advisers to Star Health and its shareholders
Nishith Desai Associates and Trilegal acted for the buyers and Platinum Partners acted for the company
ICICI Venture and Tata Capital besides global private equity investor Apis, will get an exit option through the sale process
These four, along with Oman Insurance Co, own 70 per cent of Star Health, while the rest is held by ETA Trading
ICICI Venture declined to comment.
The sale process, which started almost six months ago, has seen 12 bidders, including private equity
giants Bain Capital and Warburg Pincus apart from private sector insurer HDFC Ergo
The West-Bridge-led group, PremjiInvest in partnership with Prudential and private sector general insurance company ICICI Lombard were the
The company, founded in 2006, writes policies on personal accident, medical treatment and overseas travel.
