Bank of India is acquiring 51% in Bharti AXA Investment Managers, part of AXA Group. According to the deal structure, BOI will acquire 51% of the equity and the balance will be with AXA Group. Post regulatory approval, the bank will acquire 25% stake from Bharti Enterprises and 26% from the Axa Investment Managers Asia Holdings.
Following the stake transfer the name of the fund house will be changed to Bank of India AXA Investment Managers.
Ernst & Young advised BoI on the transaction.
Bharati Axa Investment Managers was started in 2007 as 25:75 JV with AXA Group. Bharti entered the JV through Bharti Ventures Ltd while AXA Investment Managers and AXA APH (through NMIPL) represented the AXA Group.
Bharti has been scouting for buyers for it's mutual fund business since 2010. It is also planning to sell its 74% stakes in two insurance joint ventures with Axa. It was talking to Reliance for the potential stake sale, but the deal has been called off.
LSE listed project management services group, Progility Plc has acquired Unify Enterprise Communications Private Limited (Unify India) from the Unify Group for a cash consideration of a million Euros (c.R77 Cr).