[South Africa] Sanlam sells UK life and pension business for £39m
15-09-2021 09:44:00 | by: Pie Kamau | hits: 784 | Tags:

The Board of Directors of Sanlam announced the conclusion of agreements between its wholly owned subsidiary, Sanlam UK and Chesnara, for the disposal by Sanlam UK of its 100% shareholding in Sanlam Life & Pensions UK Limited (“SLP”) (the “Transaction”) in line with Sanlam’s strategy to simplify its UK operations and reallocate capital to Africa and other selected emerging markets.

The Transaction consideration is  £39 million and is not a categorised transaction in terms of the Listings Requirements of the JSE Limited. Conditions precedent to the Transaction include regulatory approvals in South Africa and the UK.

Furthermore, the asset management of SLP’s assets will be retained with Sanlam Investments UK Limited. Following the fulfilment of the conditions precedent, the effective date of the Transaction is expected to occur during the first quarter of 2022.