Sanlam $1.05 billion takeover of Saham Finances

Overview:

• South Africa's largest insurer Sanlam has reached an agreement to takeover Morocco based insurer Saham Finances for $1.05 billion. 
• The deal will see Sanlam acquiring the remaining 53.37% it does not already own in Casablanca listed Saham. 
• The acquisition is being undertaken by a subsidiary of a Sanlam / Santam (another South African insurer) joint-venture, Sanlam Emerging Markets Ireland (SEMIL). Investment vehicle SEMIL built up a 46.63% stake in Saham over two transactions in February 2016 and May 2017.  
• Saham Finances' network spans most of Africa and the Middle East. 
• The transaction also involves SEMIL acquiring French investor Wendel's stake in Saham for $155 million.

Ben Naylor - Regional editor