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HDFC to acquire 51.2% in Apollo Munich Health Insurance for Rs 1,347 crore

June 19 (AZINS) Mortgage major HDFC Wednesday announced that the company will acquire a majority stake in Apollo Munich Health Insurance as it will buy Apollo Hospitals Group's entire 50.8% stake and 0.4% stake held by a few employees for a total of Rs 1,347 crore. 

HDFC will acquire 50.8% from the Apollo Hospitals Group for Rs 1,336 crore and will buyout the 0.4% stake being held by the employees for Rs 10.84 crore.

Later on, it will merge the company with its arm HDFC Ergo General Insurance.

Apollo Munich Health Insurance was founded in 2007 as a 51:49 joint venture between Chennai-based Apollo Hospitals and German reinsurer Munich Re.

HDFC ERGO General Insurance Company is a joint venture between HDFC Ltd. and ERGO International AG, the primary insurance entity of the Munich Re Group.

Announcing the deal, HDFC chairman Deepak Parekh said German insurer Munich Health will pay Rs 294 crore to Apollo Hospitals Enterprise and Apollo Energy for terminating their joint venture.

The merged entity will have a combined market share of 6.4% in the non-life insurance industry, with 308 branches and a business of Rs 10,807 crore, he said.

"The transaction will strengthen our commitment to the growing health insurance segment. The combined expertise of HDFC Ergo and Apollo Munich will result in greater product innovation, wider distribution and enhanced servicing capabilities," Parekh told reporters.

The acquisition will be subject to regulatory approvals by the National Housing Bank, Insurance Regulatory and Development Authority and the Competition Commission, while merger of Apollo Munich with HDFC Ergo will be subject to approvals from the shareholders, the NCLT, and final approval of Irdai, he said.

Parekh said he expects the deal to be closed over the next month and all the employees will be retained post merger.

"We are sure that the new shareholder will continue to nurture and scale the business to greater heights and confident that all stakeholders will be positively impacted," Shobana Kamineni, chairperson of Apollo Munich Health Insurance and vice-chairperson of Apollo Hospitals Enterprises, was quoted as saying in the statement issued by HDFC.

The deal is likely to take approximately 9 months to complete and all employees of Apollo Munich will be retained.