Allianz SE entered into binding share purchase agreements with Bajaj Finserv Ltd. to sell its 26% stake in its successful non-life and life insurance joint ventures – Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company – to the Bajaj Group for a total consideration of EUR ~2.6 billion, the company said on its website.

The company noted that the decision to sell is the result of constructive and amicable talks with Bajaj Finserv Ltd. as India continues to be one of Allianz’s growth markets, and Allianz will explore new opportunities that strengthen its position in the market and expand its potential to serve not only as an investor but also as an operator.

The transaction is subject to obtaining necessary regulatory approvals, which are expected to take a few months. Upon the transfer of shares and the cessation of Allianz being a promotor of the joint ventures, also the joint venture agreements between Allianz SE and Bajaj Finserv Ltd. will be terminated, the company added.