Sanlam seals largest deal yet in growth drive

accreditation
The logo of Sanlam
The logo of Sanlam

Sanlam [JSE:SLM] said it fulfilled all the conditions for the $1.1bn purchase of the shares it doesn’t already own in Morocco’s Saham Finances SA after regulators approved the deal.

The Cape Town-firm’s biggest acquisition yet deepens Sanlam’s presence in 33 markets across North Africa, the Middle East, southern, East and West Africa.

Sanlam’s acquisition of the remaining 53.37% of Saham Finances, announced in March, brings its total investment in the company to almost $1.7bn since February 2016.

"The African presence of the combined group is unparalleled in the industry," Junior Ngulube, chief executive officer of Sanlam Emerging Markets, said in an emailed statement.

"With expertise across life, general and specialist insurance and investment management in Africa, we now have significant opportunities for cross-selling and diversification.”

Sanlam now owns 90% of Saham Finances, while its property and casualty insurer, Santam, will hold the balance.

Nadia Fettah will remain CEO of Saham Finances and together with deputy CEO, Emmanuel Brule, will join the Sanlam Emerging Markets executive committee, the company said.

Flush with excess cash, Sanlam has been on an acquisition spree across emerging markets and Africa at a time when its main rival, Old Mutual  , returns to its roots on the continent after splitting off its US and UK businesses.

Saham Finances, a Casablanca-based arm of the Saham Group founded by Moulay Hafid Elalamy in 1995, is the largest insurer on the continent outside of South Africa.

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER
We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
Rand - Dollar
14.67
-0.6%
Rand - Pound
20.14
-0.3%
Rand - Euro
17.03
-0.6%
Rand - Aus dollar
10.88
-0.5%
Rand - Yen
0.13
-0.5%
Gold
1,764.45
-0.2%
Silver
23.20
-0.5%
Palladium
2,019.35
-2.9%
Platinum
1,038.50
-1.9%
Brent Crude
84.86
+1.0%
Top 40
60,221
-0.5%
All Share
66,792
-0.4%
Resource 10
63,626
-1.1%
Industrial 25
84,496
-0.4%
Financial 15
14,073
+0.8%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Voting Booth
Facebook is facing a fresh crisis after a former employee turned whistle-blower leaked internal company research . Do you still use Facebook?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, the benefits outweigh the risk for me
22% - 122 votes
No, I have deleted it
48% - 260 votes
Yes, but I am considering deleting it
30% - 162 votes
Vote