Luthra and Luthra Law Offices and Phoenix Legal advised in a deal involving global insurance broker Howden UK Group to fully acquire its Indian arm from its partners in a deal valued at USD15.3 million.
The Luthra team comprised partner Sudipta Routh, managing associate Pooja Dadoo with associates Saumya Kapoor and Mailika Nanduru.
The team advised Praveen Vashishta, chief executive officer and managing director of Howden India Insurance Brokers, to sell his 46% equity stake to the London-based parent. The remaining 5% was held by a third party, Aruna Chainani.
Following India’s mandate to allow 100% foreign direct investment in insurance intermediaries in 2020, Howden UK Group decided to increase its 49% stake in the Indian arm to 100%.
London-based Howden is the largest non-US broker globally and one of the biggest international insurance brokers in India. Howden India is a joint venture formed with Vashishta since its inception 19 years ago.
Howden India received its trading licence from the Insurance Regulatory Development Authority of India in February 2004 as a composite insurance broker and operated through offices in the seven cities of Mumbai, Delhi, Bengaluru, Kolkata, Chennai, Hyderabad and Pune.