QorQl pvt ltd. entered into an agreement to acquire Raheja QBE General Insurance Company Limited from Prism Johnson Limited (BSE:500338) and QBE Insurance Group Limited (ASX:QBE) for INR 5.7 billion on July 6, 2020. The consideration will be paid in cash. As part of the agreement, QorQl pvt will pay for an aggregate consideration of INR 2.9 billion to Prism Johnson. The consideration to be received by the Prism Johnson is subject to certain adjustments which may be carried out between the date of execution of definitive agreement and closure of the sale, and other customary terms for a sale of such nature. Prism Johnson Limited will receive INR 2896.8 million for the stake sale. All employees of Raheja QBE would continue working in Mumbai and other locations. The transaction is subject to to customary conditions, including approvals from the Insurance Regulatory and Development Authority of India and approval by the shareholders of Prism Johnson. On July 6, 2020, the Board of Directors of Prism Johnson Limited approved the transaction. Transaction is currently awaiting regulatory approval in India. The transaction is expected to close by March 31, 2021. Rishi Gautam of Cyril Amarchand Mangaldas acted as legal advisor to QBE Insurance in the transaction. Shardul Amarchand Mangaldas & Co acted as legal advisor to QorQl, Ernst & Young Australia acted as due diligence advisor and Ernst & Young Private Limited acted as accountant to QBE Insurance and TriLegal Partners acted as legal advisor to Prism Johnson in the transaction.
Paytm lnsuretech Private Limited terminated the agreement to acquire Raheja QBE General Insurance Company Limited from Prism Johnson Limited (BSE:500338) and QBE Insurance Group Limited (ASX:QBE) on May 15, 2022.