Sanlam to acquire Assupol Holdings

Sanlam is planning to acquire a 100% stake in Assupol Holdings, a South African life insurance company, through its subsidiary Sanlam Life Insurance.

The pan-African group is proposing a 6.5 billion ZAR (348.2 million USD) bid for the takeover of Assupol.

The transaction, which will be implemented through a plan of arrangement, comes after the two shareholders, Budvest and International Finance Corporation (IFC), announced their intention to sell their respective stakes of 46.02% and 19.41% in 2023.

The deal is still pending approval by the relevant authorities and Assupol's shareholders.