U.S. private equity firm Carlyle Group and Singaporean sovereign wealth fund GIC Private’s consortium plans to acquire a 10 percent strategic stake in India’s SBI Life Insurance from French insurance company BNP Paribas Cardif.
SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Cardif.
GIC and Carlyle will acquire shares at $7.26 to $7.39 apiece, which is at a 9.2 percent discount to SBI’s Wednesday closing price of $8.14.
The total transaction size is approximately $742 million, making it the second-largest purchase in the sector in 2018.