Sanlam Acquires Majority Stake in MultiChoice’s Insurance Business for 1.2 Billion Rand


JOHANNESBURG, June 18 (Reuters) – South African insurer Sanlam (SLMJ.J) announced on Tuesday its acquisition of a 60% stake in MultiChoice’s (MCGJ.J) insurance business for 1.2 billion rand ($66 million) in cash, with an additional performance-based earn-out potential of up to 1.5 billion rand.

Thank you for reading this post, don't forget to subscribe!

MultiChoice, Africa’s largest pay-TV company, revealed that its insurance division has seen significant growth in South Africa. However, expanding further locally and across Africa necessitates increased resources, expertise, and technology.

“Sanlam’s extensive presence and expertise across the African continent, combined with its successful track record in insurance ventures with non-insurers, make it an ideal strategic partner for MultiChoice,” the companies stated in a joint release.

The potential earn-out payment will depend on the total gross written premium generated by the insurance business for the year ending Dec. 31, 2026. Additionally, MultiChoice’s insurance business will declare a pre-acquisition dividend of 59 million rand.

As of 0747 GMT, Sanlam’s shares had risen nearly 5%, while MultiChoice’s shares saw a slight increase of 0.36%.

Following the transaction, MultiChoice will maintain a 40% interest in both the insurance business and the broader commercial venture with Sanlam. The deal allows Sanlam to further expand its insurance and financial services operations across Africa, facilitated through its SanlamAllianz business.

MultiChoice boasts a subscriber base of 21 million households across 50 African countries, while Sanlam operates in 31 countries, including eight of the ten largest African economies.

($1 = 18.2801 rand)

Bisi Adele, The Naija247news
Bisi Adele, The Naija247news
Bisi Adele: Illuminating Stories with Insight and Precision Senior Correspondent | Overview: Bisi Adele is a seasoned Senior Correspondent at, renowned for her skillful storytelling and comprehensive coverage of diverse news topics. With a passion for investigative journalism, Bisi navigates the intricate landscapes of current affairs with a commitment to delivering accurate, thought-provoking, and engaging news pieces. Professional Journey: Bisi's journalistic journey is marked by a dedication to uncovering untold stories and providing in-depth analyses. Joining, she has consistently demonstrated a keen awareness of the pulse of current events, ensuring that her reporting reflects a deep understanding of the socio-political landscape. Areas of Expertise: Specializing in investigative reporting, Bisi Adele is adept at unraveling complex narratives. Her expertise spans a wide range of topics, including politics, social issues, and human-interest stories, making her a versatile and valued Senior Correspondent. Contributions: Bisi's contributions to go beyond the surface, offering readers nuanced perspectives and insights. Her thought-provoking articles and in-depth analyses contribute significantly to the platform's reputation for reliable and informative news coverage. Educational Background: Bisi holds a degree in Journalism, complemented by continuous learning in investigative reporting techniques. Her educational foundation equips her with the skills needed to delve deep into stories and present them in a compelling manner. Health and Meds Journalism: Adding a unique dimension to her expertise, Bisi collaborates with Akinlabi Bisola, a distinguished health and meds journalist with a deep background in Public Health Education. Akinlabi holds a B.Sc in Health Education and a Masters in Public Health Education. Readers can explore their health-related articles on Akinlabi's website [](#). Innovation and Engagement: In an era of evolving media dynamics, Bisi Adele embraces innovation and audience engagement. Leveraging digital platforms and emerging storytelling techniques, she ensures that her stories resonate with a diverse audience, fostering meaningful conversations. Awards and Recognition: Bisi's dedication to journalistic excellence has earned her recognition in the form of awards. Her notable contributions to reporting have not only enriched but have also left a lasting impact on the journalism landscape. Vision for the Future: Looking ahead, Bisi Adele envisions a future where journalism continues to be a catalyst for positive change. Her commitment to uncovering truth, amplifying unheard voices, and contributing to a more informed society underscores her vision for the evolving landscape of news reporting. Connect with Bisi Adele: - LinkedIn: [Bisi Adele](#) - Twitter: [@BisiAdele_N247](#) In the vibrant world of journalism, Bisi Adele stands as a beacon of journalistic integrity, combining experience, expertise, and a forward-looking vision to illuminate the path of understanding for a global audience.

Share post:



More like this

Meta Removes 63,000 Instagram Accounts in Nigeria Over ‘Sextortion’ Scams

LAGOS, July 24 - Meta Platforms (META.O) announced...

FG inaugurates committee on farmers’ soil health card scheme

July 24, 2024. Azonuchechi Chukwu. Federal Government has inaugurated the National...

Invest In Capital Projects To Generate Employment – Ex-CBN Director

July 24, 2024. Azonuchechi Chukwu. Ex-CBN Research Director, Dr Titus Okurounmu,...

Federal Government Resumes Mass Trial of Terrorism Suspects

July 24, 2024. Azonuchechi Chukwu. The Federal Government has resumed mass...
× How can I help you?