South Africa

Sanlam to buy Alexander Forbes unit for R100m

Sanlam, Africa’s biggest nonbanking financial services group, said on Monday it had reached an agreement to buy Alexander Forbes’s group risk and retail life business for R100m, though that amount could be subject to adjustment.

The proposed transaction, which still requires regulatory approval and certain conditions to be met, will be funded from Sanlam’s cash resources and will be paid in instalments. Alexander Forbes, which announced its annual results on Monday, said it had reached an agreement on June 11, 2021 to sell the business unit as it completes its exit from the insurance industry...

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