SANTAM: 29,723 -120 (-0.40%)
South African insurer Sanlam seals $1 billion deal for Morocco's SAHAM
JOHANNESBURG, Oct 11 (Reuters) - South Africa's biggest
insurer Sanlam has sealed a $1.1 billion deal to
acquire the remaining 53.37 percent stake in Moroccan insurance
firm SAHAM Finances after receiving regulatory
approvals, it said on Thursday.
SAHAM Finances is Sanlam's biggest acquisition yet, and
expands its presence to 33 countries across Africa. The
conclusion of the deal cements its presence in north Africa.
Sanlam Emerging Markets Ireland Ltd (SEMIL), a unit of
Sanlam in a joint-venture with South African insurer Santam Ltd
, had acquired a 30 percent stake in SAHAM Finances in
2016. The joint-venture unit increased its stake to 46.6 percent
the following year.
Since its establishment in Morocco in 1995 as a subsidiary
of SAHAM Group, which also owns health, food and distribution
interests, SAHAM Finances has expanded rapidly.
It had consolidated net assets worth $850 million and
earnings of $77.4 million for the year by the end of last year.
(Reporting by Nqobile Dludla
Editing by James Macharia)
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