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Carlyle Group (CG) Acquires 9% Stake in India's SBI Life

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Recently, Carlyle Group CG acquired 9% stake in India's SBI Life Insurance Ltd from BNP Paribas, the largest listed bank in France. SBI Life is a joint venture (JV) between State Bank of India and BNP Paribas Cardif, a BNP unit.

CA Emerald Investments, an affiliated entity of Carlyle Asia Partners V, provided equity to Carlyle for this investment. Carlyle Asia Partners V is a $6.55-billion fund focused on buyout and strategic investments across a number of sectors in the Asia Pacific.

Though financial terms of the deal remain undisclosed, it is expected to be worth $653 million.

Following the transaction, BNP Paribas Cardif will continue to hold 12.8% stake in SBI Life. Further, CA Emerald Investments will hold 9% stake and SBI will remain the majority shareholder, with a stake of 62.1%.

Dinesh Kumar Khara, managing director, Global Banking & Subsidiaries, SBI, noted, “We are pleased with the tremendous strides made by SBI Life in establishing its position in the life insurance industry and appreciate the support given by BNP Paribas Cardif in this journey. We are also thrilled to welcome Carlyle, with whom we have an existing relationship through SBI Card, and look forward to its support to SBI Life in bolstering its franchise in the country.”

Currently, the stock carries a Zacks Rank #3 (Hold).

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