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Mitsui Sumitomo Insurance To Acquire Portion of Indian Insurer From New York Life
Practices
Paul, Weiss advised Mitsui Sumitomo Life Insurance Co. Ltd (MSI) in its agreement to acquire 26 percent of Max New York Life Insurance Company, a leading Indian life insurance company, for Rs 27.3 billion (approximately $530 million). MSI will, subject to regulatory approval, be acquiring New York Life's entire stake in the life insurer, which is majority-owned by Max India Limited, a company listed on the Bombay Stock Exchange. The agreement was signed on April 12.
The Paul, Weiss team advising MSI included corporate partner Kaye Naoko Yoshino in Tokyo, corporate partner David K. Lakhdhir in London and corporate partner Adam M. Givertz in Toronto.