C&M advises the shareholders of UIB India for sale of its 100% shares to Edme Insurance Brokers

Edme Insurance Brokers Limited (“Edme”), a wholly owned subsidiary of Edme Services Private Limited, has acquired UIB Insurance Brokers (India) Private Limited (“UIB India”).

UIB India was formerly a group affiliate of the UIB Group and a joint venture between UIB Group, Indorama Group and Lucas & Mayo. UIB India specializes in providing insurance broking services across various commercial sectors, including the placement of insurance and reinsurance for clients within India. The UIB Group, headquartered in London, is one of the largest privately-owned independent international insurance and reinsurance brokers.

Chandhiok & Mahajan (“C&M”) advised UIB India and its selling shareholders, namely, UIB International Limited, Indorama International Private Limited and Lucas and Mayo Net Sourcing Private Limited on this transaction. The firm assisted on structuring the exit from a regulatory perspective, including filing the necessary application by UIB India with the Insurance Regulatory and Development Authority of India (IRDAI) and obtaining IRDAI approval, drafting and negotiating the transaction documents for the selling shareholders including the share purchase agreement and disclosure letters, advising on competition law aspects and the closing of the transaction.

The transaction team at C&M consisted of Sujoy Bhatia (Head of Corporate/M&A), Mitesh Shah (Partner), Shivani Pathak (Senior Associate), Suchitra Dey (Associate) and Bhaskar Vishwajeet (Associate). The competition law team advising on this transaction consisted of Avinash Amarnath (Partner), Tarun Donadi (Senior Associate), Riddhika Dumane (Associate), Aileen Aditi Sunderdas (Associate) and Saumya Sunidhi (Associate).

Shardul Amarchand Mangaldas & Co. acted as legal counsel for Edme on the transaction.