Cape Town - African Rainbow Capital (ARC), chaired by billionaire Patrice Motsepe, will acquire a 10% stake in financial services company Alexander Forbes [JSE:AFH] in a strategic empowerment deal.
Motsepe, started ARC, a wholly-owned subsidiary of Ubuntu-Botho Investments, as part of a plan to build a financial-services company controlled by black people, through being Sanlam Limited’s empowerment partner.
The JSE-listed Alexander Forbes said shareholders approved ARC's acquisition in its African operations, with net proceeds of R678.1m to be settled in cash. The total cash consideration of the transaction amounts to R753.45m.
