Sanlam offers 20.7 billion rand to buy Santam in South Africa
By the AFREEQUE newsroom, based on TimesLIVE
Sanlam is offering 20.7 billion rand to buy the 37.3% of Santam it does not yet own, seeking full control of South Africa’s leading non-life insurer. The deal, valued at about 21 billion rand, is part of the group’s expansion strategy, according to TimesLIVE.
Sanlam, the South African financial services group, has offered 20.7 billion rand to buy the minority stakes in Santam, South Africa’s largest non-life insurer. The offer, set at 505 rand per share, aims to give Sanlam full ownership of Santam, of which it already owns 62.7%, TimesLIVE reports.
The transaction still requires approval from Santam’s shareholders and regulators. Founded in 1918, Santam has been listed on the Johannesburg Stock Exchange since 1964. Sanlam presents the buyout as a step towards simplifying its structure, following several acquisitions and the creation of SanlamAllianz, its pan-African joint venture with European insurer Allianz.
The deal comes as Sanlam chief executive Paul Hanratty prepares to leave at the end of 2027. The South African group is also pursuing its banking expansion through a partnership with GoTyme, according to TimesLIVE.
