Global private equity fund manager Warburg Pincus has agreed to acquire a 26 percent stake in IndiaFirst Life Insurance from U.K.-based financial services provider Legal & General Group for INR7.1 billion (approximately US$105 million). Legal & General, Bank of Baroda and Andhra Bank founded IndiaFirst in 2009 as a joint venture. The latter two institutions will retain 44 percent and 30 percent stakes, respectively, in the company. The transaction, which is subject to regulatory approvals, is expected to close by the end of 2018.