[Breaking]: AZB, SAM, CAM on biggest pvt insurance sector consolidation; MaxLife to merge with HDFC Standard Life (Updated)

In the biggest consolidation in India’s private insurance sector, Max Life Insurance and Max Financial Services will merge into HDFC Standard Life Insurance, reported ET..AZB & Partners acted for its long standing client Max Life Insurance and Max Financial Services, with a team led by Delhi Partners Anil Kasturi and Niladri Maulik along with Senior Associates Jaishree Tolani Lamba, Ashish Pareek, Abhiroop Datta, and Kanchan Puri and Associates Ankit Bhasin, Shreya Basu, and Paras Chopra..Strategic Advisory: Ajay Bahl.The Competition team was led by Partner Samir Gandhi, along with Senior Associate Kamya Rajagopal, and Associate Shashank Sharma..Tax: Partner Ravi Prakash.Intellectual Property: Partner Akhilesh.Shardul Amarchand Mangaldas advised HDFC Life through a team led by Executive Chairman Shardul Shroff..The Corporate team included Partners Kalpataru Tripathy, Shailaja Lall, Promode Murugavelu, and Yogesh Chande along with Principal Associate Ashish Teni, Senior Associate Shivangi Talwar, and Associates Ishita Bhardwaj, Shanta Chirravuri, Uday Opal, Akshita Agrawal, and Debrupa Agarwala..The Competition Law team included Partners Shweta Shroff Chopra and Aparna Mehra along with Principal Associate Yaman Verma and Associate Prateek Bhattacharya..Tax: Partners Amit Singhania and Sandeep Chilana, along with Principal Associate Gouri Puri, and Senior Associate Aurica Bhattacharya..Intellectual Property Team: Partner Charu Mehta.Cyril Amarchand Mangaldas acted for Standard Life and the team included Managing Partner Cyril Shroff and Partner Shishir Vayttaden..HDFC Limited, a promoter shareholder in HDFC Life is being represented by AZB & Partners, with Partner Varoon Chandra, along with Senior Associate Arvind Ramesh and Associate Gaurav Rohra..The merger will be the first among life insurers in more than a decade, creating a firm with a market value of about 50,000 crore, ahead of ICICI Prudential. It will, however, remain a distant second to state-run LIC which dominates the Rs 25 lakh crore industry with a 70% share, according to ET..However, the proposed arrangements would be subject to due diligence, definitive documentation and applicable board, regulatory, respective High Courts/NCLT, and other third party approvals.