True North to acquire 51% stake in Max Bupa Health Insurance for Rs 511 cr

Private equity (PE) investor True North will acquire a 51 per cent  stake in Max Bupa Health Insurance Company for Rs 511 crore from the Delhi-based Max Group, which is reorganising its businesses.

The all-cash transaction values Max Bupa at Rs 1,001 crore. Bupa, existing joint venture partner in Max Bupa, stays invested; it will continue to play an active role in the company as before, went a joint statement from buyer and seller.

At the transaction's conclusion, True North will nominate directors on Max Bupa's Board; Max India's nominated directors will step down. Use of the Max brand will be phased