- 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