old Mutual %, which earmarked four.three billion rand ($374 million) for acquisitions in Africa, expanded its stake in Kenya’s UAP Holdings Ltd., meaning that the insurer has now spent greater than half of that battle chest.
old Mutual, which is increasing in Africa to make the most of the continent’s quickest-growing economies, will now keep 60.7 percentage of UAP after purchasing a similarly 37.three percentage stake for $a hundred and fifty five.5 million in cash, the London-primarily based insurer stated in a assertion Monday. The transaction takes its investment in UAP this month to $253 million.
“the majority stake we have secured in UAP, mixed with the prevailing vintage Mutual agencies in Kenya, will offer the organization with the scale and product breadth to capitalize at the enormous boom expected within the location.”
In Kenya, East Africa’s biggest financial system, UAP has the 1/3- biggest assets and casualty market percentage, the second-ranked medical insurance business, a huge assets investment portfolio and a quick-developing existence insurance commercial enterprise, old Mutual said.
UAP also has operations in Uganda, Rwanda, Tanzania, South Sudan and the Democratic Republic of Congo. This deal follows antique Mutual’s acquisition of microfinance business enterprise Faulu Kenya DTM Ltd.
“Following the belief of this transaction, we can have invested almost $three hundred million in the location considering the fact that 2012,” Ralph Mupita, chief govt officer of old Mutual emerging Markets, said in the statement.