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Sanlam, Santam to acquire rest of Morocco-based Saham Finances

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Sanlam, Santam to acquire rest of Morocco-based Saham Finances

South Africa-based Sanlam Ltd. and Santam Ltd. said March 8 that Sanlam Emerging Markets Ireland Ltd. will acquire the remaining 53.37% of Saham Finances SA that it does not own from Saham SA for $1.05 billion.

Sanlam group will use a combination of available discretionary capital, debt facilities and issuance of equity instruments to fund the acquisition, which will raise Sanlam Emerging Markets Ireland's direct and indirect shareholding in Saham Finances to 100%. The transaction is expected to take effect in the second half, depending on fulfillment or waiver of conditions.

Sanlam Emerging Markets Ireland is the wholly owned subsidiary of SAN JV Pty. Ltd., a special-purpose vehicle held jointly by Sanlam unit Sanlam Emerging Markets Pty. Ltd. and Santam.

Sanlam and Santam acquired 30% of Saham Finances in 2016, followed by the acquisition of an additional stake of about 16.6% in May 2017.

J.P. Morgan Equities South Africa Pty. Ltd. was the transaction sponsor to Sanlam, while Investec Bank Ltd. acted as sponsor to Santam.