Swiss Re AG will purchase a 13.81% stake in Kenya-based insurance company Britam Holdings PLC from shareholder Plum LLP, subject to regulatory approvals, Reuters reported.
Britam and Plum did not disclose the financial terms of the deal but did reveal that 348.5 million Britam shares were under consideration, according to the newswire. The Kenyan insurer's shares were trading at 13.60 Kenyan shillings, giving the deal a potential value of 4.7 billion shillings, Reuters noted.
Britam has a market capitalization of 29.89 billion shillings, according to Reuters data, and operates in the life insurance and pension annuity sector. The company also has operations in Uganda, Rwanda, Tanzania, South Sudan, Mozambique and Malawi.
As of June 11, US$1 was equivalent to 100.90 Kenyan shillings.
