South Africa’s Sanlam Completes Acquisition of Moroccan Insurer Saham

South African financial services company has strengthened its foothold as Africa’s largest insurance firm with the completion of the $1.1 billion purchase of Morocco’s Saham Finances SA after regulators approved the deal.

The acquisition, which was sealed on October 9 and has entered into force on October 11, will help Sanlam boost presence in 33 markets across North Africa, the Middle East, and Southern, East and West Africa.

Sanlam’s acquisition of the remaining 53.37 percent of Saham Finances was announced in March but was only completed after all the countries in which Saham operates gave regulatory approvals.

With this acquisition Sanlam brings its total investment in Saham to almost $1.7 billion since February 2016.