India's HDFC Life reaches deal with Max Life to create $10 bln insurer

August 8, 2016 4:59 PM

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MUMBAI, Aug 8 India's HDFC Standard Life Insurance Co Ltd reached agreement on Monday to take over smaller rival Max Life Insurance in an all-stock deal to create the nation's top private life insurer valued at nearly $10 billion.

The companies, which began deal talks in June, said HDFC Life shareholders would own 69 percent of the new company and Max Life shareholders 31 percent.

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