Finance

Sanlam finalizes divestment from three UK businesses

Sanlam finalizes divestment from three UK businesses
Monday, 09 May 2022 18:07

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

On the same topic
CEMAC prices fall 0.4% in Q4 2025, ending five-year rise Inflation stood at 2.8%, below region’s 3% threshold Sharpest price declines recorded in...
International Finance Corporation approved a senior loan of up to €50 million ($58 million) to Société Générale Sénégal to expand financing for...
Persistent launched the $70 million Persistent Africa Climate Venture Builder Fund (Persistent ACV Fund) to finance African climate...
Fund targets office, logistics, industrial, mixed-use projects in urban hubs First investment: office development site in Casablanca’s Casa-Anfa...
Most Read
01

The BCEAO cut its main policy rate by 25 basis points to 3.00%, effective March 16. Inflation...

BCEAO Cuts Key Rate to 3.00% as WAEMU Faces Deflation
02

Ethio Telecom has signed a new agreement with Ericsson to expand and modernize its telecom netwo...

Ethiopia’s State-Owned Telco Teams Up With Ericsson to Expand and Upgrade Its Network
03

EIB commits over €1 billion for renewable energy in sub-Saharan Africa Funding supports Miss...

EIB Commits €1 Billion to Renewable Energy Under Africa’s “Mission 300” Initiative
04

MTN Zambia tests Starlink satellite service connecting phones directly from space Direct-to...

Satellite direct-to-device telecoms: promise, momentum and hard limits
05

Nigeria introduced a 1% flat tax on the turnover of informal-sector businesses under a new presump...

Nigeria Rolls Out 1% Tax on Informal Businesses Under New Fiscal Framework
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.