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Carlyle Group (CG) Acquires 9% Stake in India's SBI Life
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Recently, Carlyle Group (CG - Free Report) acquired 9% stake in India's SBI Life Insurance Ltd from BNP Paribas, the largest listed bank in France. SBI Life is a joint venture (JV) between State Bank of India and BNP Paribas Cardif, a BNP unit.
CA Emerald Investments, an affiliated entity of Carlyle Asia Partners V, provided equity to Carlyle for this investment. Carlyle Asia Partners V is a $6.55-billion fund focused on buyout and strategic investments across a number of sectors in the Asia Pacific.
Though financial terms of the deal remain undisclosed, it is expected to be worth $653 million.
Following the transaction, BNP Paribas Cardif will continue to hold 12.8% stake in SBI Life. Further, CA Emerald Investments will hold 9% stake and SBI will remain the majority shareholder, with a stake of 62.1%.
Dinesh Kumar Khara, managing director, Global Banking & Subsidiaries, SBI, noted, “We are pleased with the tremendous strides made by SBI Life in establishing its position in the life insurance industry and appreciate the support given by BNP Paribas Cardif in this journey. We are also thrilled to welcome Carlyle, with whom we have an existing relationship through SBI Card, and look forward to its support to SBI Life in bolstering its franchise in the country.”
Currently, the stock carries a Zacks Rank #3 (Hold).
Eaton Vance Corporation (EV - Free Report) holds a Zacks Rank of 2, currently. Its earnings estimates have been revised 1.3% upward over the past 30 days.
Hamilton Lane Inc. (HLNE - Free Report) is another Zacks #2 Ranked stock. Its Zacks Consensus Estimate for EPS moved 12.4% north in a month’s time.
Zacks' Top 10 Stocks for 2019
In addition to the stocks discussed above, wouldn't you like to know about our 10 finest buy-and-holds for the year?
From more than 4,000 companies covered by the Zacks Rank, these 10 were picked by a process that consistently beats the market. Even during 2018 while the market dropped -5.2%, our Top 10s were up well into double-digits. And during bullish 2012 – 2017, they soared far above the market's +126.3%, reaching +181.9%.
This year, the portfolio features a player that thrives on volatility, an AI comer, and a dynamic tech company that helps doctors deliver better patient outcomes at lower costs.
Image: Bigstock
Carlyle Group (CG) Acquires 9% Stake in India's SBI Life
Recently, Carlyle Group (CG - Free Report) acquired 9% stake in India's SBI Life Insurance Ltd from BNP Paribas, the largest listed bank in France. SBI Life is a joint venture (JV) between State Bank of India and BNP Paribas Cardif, a BNP unit.
CA Emerald Investments, an affiliated entity of Carlyle Asia Partners V, provided equity to Carlyle for this investment. Carlyle Asia Partners V is a $6.55-billion fund focused on buyout and strategic investments across a number of sectors in the Asia Pacific.
Though financial terms of the deal remain undisclosed, it is expected to be worth $653 million.
Following the transaction, BNP Paribas Cardif will continue to hold 12.8% stake in SBI Life. Further, CA Emerald Investments will hold 9% stake and SBI will remain the majority shareholder, with a stake of 62.1%.
Dinesh Kumar Khara, managing director, Global Banking & Subsidiaries, SBI, noted, “We are pleased with the tremendous strides made by SBI Life in establishing its position in the life insurance industry and appreciate the support given by BNP Paribas Cardif in this journey. We are also thrilled to welcome Carlyle, with whom we have an existing relationship through SBI Card, and look forward to its support to SBI Life in bolstering its franchise in the country.”
Currently, the stock carries a Zacks Rank #3 (Hold).
Key Picks
Man Group PLC carries a Zacks Rank of 2 (Buy), at present. Its earnings estimates remained unchanged over the past 30 days. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Eaton Vance Corporation (EV - Free Report) holds a Zacks Rank of 2, currently. Its earnings estimates have been revised 1.3% upward over the past 30 days.
Hamilton Lane Inc. (HLNE - Free Report) is another Zacks #2 Ranked stock. Its Zacks Consensus Estimate for EPS moved 12.4% north in a month’s time.
Zacks' Top 10 Stocks for 2019
In addition to the stocks discussed above, wouldn't you like to know about our 10 finest buy-and-holds for the year?
From more than 4,000 companies covered by the Zacks Rank, these 10 were picked by a process that consistently beats the market. Even during 2018 while the market dropped -5.2%, our Top 10s were up well into double-digits. And during bullish 2012 – 2017, they soared far above the market's +126.3%, reaching +181.9%.
This year, the portfolio features a player that thrives on volatility, an AI comer, and a dynamic tech company that helps doctors deliver better patient outcomes at lower costs.
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