Sanlam to acquire 25% interest in ARC FSH in R2.4bn deal

Sanlam Life has entered into definitive transaction agreements to acquire a 25% interest in African Rainbow Capital Financial Services Holdings (ARC FSH), the financial services group said on Monday.

The proposed transaction entails Sanlam Life subscribing for ordinary shares in ARC FSH for a cash consideration of R2.4bn, and Sanlam Life disposing of its 25% interest in ARC Financial Services Investments (ARC FSI), with a value of R1.49bn, to ARC FSH in exchange for the issue by ARC FSH of ordinary shares to a similar value to Sanlam Life...