South Africa’s Sanlam buys 53% stake in Morocco's Saham in $1.05 bln deal

Sanlam, a South African financial services company, has completed the acquisition of a 53.37 percent stake in Moroccan insurance company Saham Finances, which it previously did not own, in a $1.05 billion deal.

The transaction, which has been approved by regulators across various jurisdictions, takes the direct stake of Sanlam in Saham Finances to 90 percent. The remaining 10 percent is held by Sanlam’s short-term insurance subsidiary Santam.

The majority stake in Saham Finances is expected to grow Sanlam’s multinational client base and boost its position in specialist insurance and employee benefits. The deal is also expected to help Sanlam serve as the preferred partner for insurers who do not have any presence across Africa.

For Sanlam, the acquisition expands its footprint in 33 countries stretching from the Cape to the Maghreb and East and West Africa.