Sanlam seeks to acquire Santam for N$21.2 billion
By the AFREEQUE newsroom, based on Windhoek Observer
Sanlam wants to acquire the remaining shares in Santam, the South African insurer, for about N$21.2 billion, at N$505 per share. Shareholders will vote on the transaction at a fully virtual meeting scheduled for 2 December 2026, the Windhoek Observer reports.
Sanlam, the South African financial services group, has moved its plan to acquire the remaining shares in Santam, the South African insurer in which it already holds 61.9%, to the shareholder approval stage. The transaction, valued at about N$21.2 billion, will be submitted to an electronic general meeting on 2 December 2026, according to Santam, quoted by the Windhoek Observer.
Through its subsidiary Sanlam Life, Sanlam is offering N$505 in cash per Santam share. The group already holds 68,023,017 shares, excluding treasury shares, and wants to make Santam a wholly owned subsidiary, subject to approval by eligible shareholders and the fulfilment of the other conditions set out.
Shareholders representing about 48.3% of the shares concerned have already given irrevocable undertakings or expressed their support for the transaction. The plan also provides for Santam to be delisted from the Johannesburg Stock Exchange, the Namibian Stock Exchange and A2X.
If shareholders approve the plan and the other conditions are met, the transaction is expected to take effect in February 2027. It follows Sanlam’s N$20.7 billion offer to acquire Santam, announced on 24 October 2026.
