• South Africa’s Competition Tribunal clears Ninety One’s takeover of Sanlam Investment

• Conditions include job protection, support for small asset managers, and business development

• Deal gives Ninety One stronger footprint in South Africa, Europe, and Africa

South Africa’s Competition Tribunal has approved the acquisition of Sanlam Investment Management by Ninety One, the Anglo-South African asset manager listed on the Johannesburg Stock Exchange. The decision was announced on September 23.

Merger Alert: The Competition Tribunal has conditionally approved the proposed merger in which Ninety One Ltd will acquire Sanlam Investment Management (Pty) Ltd, a subsidiary of Sanlam Investment Holdings (Pty) Ltd. Read more here: https://t.co/OYd8sJ7wJm

— Competition Tribunal of South Africa (@comptrib) September 23, 2025

The approval comes with strict public interest conditions. “These involve confidentiality and information-sharing protocols, business separation measures, a moratorium on merger-related retrenchments, support for transformation initiatives aimed at facilitating the participation of small and HDP-owned asset management firms and stockbrokers, and enterprise and supplier development commitments,” the Competition Tribunal said.

Once completed, Ninety One will take full control of Sanlam Investment Management, a wholly owned subsidiary of Sanlam Investment Holdings Limited, in which Sanlam holds a 65.6% effective stake.

The deal will expand Ninety One’s reach across South African, European, and African markets. The company will also benefit from Sanlam’s established distribution channels, gaining access to savings pools that were previously out of reach. Ninety One aims to position itself as a leading asset management player across the continent.

In return, Sanlam will secure a 12.3% stake in Ninety One, making it a long-term shareholder in the asset manager.