Agence Ecofin TikTok Agence Ecofin Youtube Agence WhatsApp

Finance

SA: Momentum Metropolitan completes acquisition of Alexander Forbes’ short-term Insurance business

Tuesday, 04 February 2020 16:36
SA: Momentum Metropolitan completes acquisition of Alexander Forbes’ short-term Insurance business

(Ecofin Agency) - Momentum Metropolitan Holdings, a financial services group listed on the Johannesburg Stock Exchange and on the Namibian Stock Exchange, has obtained the green light from regulatory authorities for the acquisition of Alexander Forbes’ short-term Insurance business.

The deal was announced in July 2019 and concluded for R1.9 billion ($130.1 million). According to Momentum, the transaction matches with its overall growth strategy as it will make the company an important player in the short-term insurance market. The company stressed that an acquisition of this nature and quality rarely occurs in the South African short-term insurance market.

For Dawie de Villiers (pictured), CEO of Alexander Forbes, the operation will bring value to shareholders within the group.

With the completion of the acquisition, the short-term insurance business will be integrated into Momentum’s insurance branches and will trade under the company’s brand, using one insurance license.

Chamberline Moko





 
Mining


 
Telecom


 
Public Management


ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

AGENCE ECOFIN
Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11

EDITORIAL TEAM
redaction@agenceecofin.com

ADVERTISING SALES
Benjamin FLAUX
bf@agenceecofin.com
Tél: +41 22 301 96 11
Mob: +41 78 699 13 72

 

Please publish modules in offcanvas position.