MUNICH (dpa-AFX) - Allianz SE (ALIZY), a German financial services company, agreed to sell its 26% stake in its non-life and life insurance joint ventures - Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company - to the Bajaj Group for a total consideration of about 2.6 billion euros. Allianz may receive the proceeds in several tranches.
Allianz noted that India continues to be one of its growth markets, and the company will explore new opportunities that strengthen its position in the market and expand its potential to serve not only as an investor but also as an operator.
Once the proceeds are accessible, Allianz plans to explore various ways to utilize them in alignment with the company's strategic goals, with a strong emphasis on reinvesting the funds into new opportunities within India.
The transaction is subject to obtaining necessary regulatory approvals, which are expected to take a number of months. Upon the transfer of shares and the cessation of Allianz being a promotor of the joint ventures, also the joint venture agreements between Allianz SE and Bajaj Finserv Ltd. will be terminated.
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