Sanlam announced the deal seven months ago. According to the largest insurance company in Africa, all the regulatory approvals were obtained.
Sanlam, Africa’s largest insurance company, announced Monday, May 9, the completion of its divestment from three UK-based businesses. They are notably Sanlam Life and Pensions UK Limited, Sanlam Private Investments Limited, and Sanlam Wealth Planning Holdings UK Limited.
“The board of directors of Sanlam wishes to advise shareholders that the conditions precedent to the Transactions are fulfilled and the closing processes complete. (...)The Transactions were completed for an aggregate net consideration of GBP153 million [US$188.8 million] after transaction costs,” the company indicated adding that all the regulatory approvals were obtained in South Africa and the U.K.
The deal is finalized seven months after the divestment from Sanlam Life & Pensions UK Limited was announced. The purchasing party in this transaction is Chesnera, a life and pension consolidator listed on the London Stock Exchange.
The transaction involving the two other businesses was announced on September 20, 2021, with investment fund Oaktree Capital Management as the purchasing party.
The operations are “in line with Sanlam’s strategy to simplify its UK operations and reallocate capital to Africa and other selected emerging markets,” we learn.
Days ago, the company announced an agreement with Allianz “to combine current and future operations across Africa.”
Chamberline MOKO
• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...
In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...
• BOAD releases CFA10 billion ($17.8 million) to support Boungou and Wahgnion gold mines.• Burkina F...
Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...
• Burkina Faso-based financial group, Vista Group Holding, has acquired a majority stake in Société ...
• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo • License award comes on stream as part of the...
• The International Monetary Fund (IMF) has authorized a $262.3 million disbursement for Ethiopia, taking total payments under Extended Credit...
• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boosting regional trade and investment• Part of broader...
• IFAD initiates a program worth $358.26 million to bolster dairy sector in Kenya, Rwanda, Tanzania, and Uganda • The program, called DaIMA, aims...
The Gerewol tradition is a fascinating ritual celebrated by the Bororo Fulani, a nomadic community primarily located in Chad and Niger. This annual...
In northern Ethiopia, in the Tigray region, lies Axum (also spelled Aksum), an ancient city that once stood at the heart of one of Africa’s most powerful...