Wafa Assurance, one of Morocco’s leading insurance companies, has launched a public takeover bid (OPA) worth 925 million dirhams or $100 million to acquire a controlling stake in Delta Insurance S.A.E., a prominent Egyptian insurer.
The bid, filed with Egypt’s Financial Regulatory Authority (FRA) on June 10, targets at least an acquisition threshold of 51%, as the Moroccan insurer seeks to expand its foothold in the growing Egyptian market.
The offer values Delta Insurance at 5 billion Egyptian pounds, or approximately 925 million dirhams, at a proposed price of 40 EGP per share.
Delta Insurance is a well-established player in Egypt’s insurance sector, operating in both life and non-life segments. Its shares are listed on the Egyptian stock exchange, and it distributes its products through a wide network of channels.
Wafa Assurance, which already operates in Egypt through its life insurance subsidiary Wafa Life Insurance Egypt, sees this acquisition as a way to consolidate its presence in a high-potential market.
The offer is supported by an agreement with Egypt Kuwait Holding Company, which owns 63.39% of Delta Insurance.
The holding company has committed to tendering its entire stake, significantly increasing the likelihood of Wafa Assurance securing majority control.
The transaction is still subject to approval by regulatory authorities in both Egypt and Morocco. If successful, it would mark one of the most significant cross-border insurance acquisitions in the region this year.
