True North to sell Niva Bupa Insurance for ₹2,700 crore

True North to sell Niva Bupa Insurance for ₹2,700 crore

True North, a private equity firm, has announced it plans to sell a substantial portion of its Niva Bupa Insurance investment to its UK-based partner Bupa for about 2,700 crore rupees.

The sale will make Bupa the largest shareholder of the company, with 63% of its shareholding in Niva Bupa.

The move comes after media reported earlier this year that the company was mulking a minority stake sale at a $2 billion valuation.

Niva Bupa, a joint venture of British United Provident Association and True North, offers health insurance through more than 20 bank partners and has over 10,000 hospitals as part of its network.

True North will continue as a minority JV partner, but it was not immediately clear how much control it will hold in the business after the sale.

True North said in a statement.

It added that Kotak Investment Banking is the sole financial advisor to True North and Niva Bupa, while Rothschild & Co is the sole advisor to Bupa on the transaction.

In 2019, True North became Niva Bupa's majority stake owner, after Max India sold 51% of the company's holdings to the fund at an enterprise value of Rs 1,001 crore.