The Japan-based insurance major MS&AD Insurance Group Holdings is set to buy a 26 per cent stake in Max New York Life Insurance Company Limited (MNYL), a joint venture between Max India Limited and US-based New York Life Insurance Company (NYL), for Rs 2,834.4 crore ($530.8 million) in an allcash transaction. After the transaction, MNYL will be rebranded as Max Life Insurance Company. The deal marks the secondlargest foreign investment in the Indian life insurance industry and values MNYL at Rs 10,504 crore ($2.1 billion).
The other deal is that of Ybrant Digital Limited, an Indian digital marketing services company, promoted by its Chairman and CEO Suresh Reddy. The firm has entered into an agreement to acquire three US-based firms (PriceGrabber, LowerMyBills and ClassesUSA) belonging to Experian Plc., a UK-based information services company. Ybrant will shell out $175 million (Rs 934.5 crore) for the acquisition, consisting of $100 million cash at closing and a $75 million loan note. The deal is likely to close in September this year.