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Allen & Overy Casablanca advises Saham Group on the sale of its insurance business to Sanlam for USD 1.050 billion

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Naciri Hicham
Hicham Naciri



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Maleh Younes
Younes Maleh



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09 March 2018

​CASABLANCAAllen & Overy Casablanca advised Saham Group in connection with the acquisition by Sanlam Emerging Markets Ireland Limited (Sanlam) of 100% interest (direct and indirect) in Saham Finances (Saham’s insurance group).

Sanlam shall acquire all the issued shares of Saham S.A. - which holds the remaining 53.37% of the shares in Saham Finances not already owned by Sanlam - for USD 1.050 billion.

The collaboration between Saham and Sanlam started back in 2015. Allen & Overy Casablanca advised Saham in relation to the acquisition of a 30% interest in Saham Finances by Sanlam. Later in 2017, it advised Saham in connection with the acquisition by Sanlam of an additional 16.6% stake in Saham Finances.

Partner Hicham Naciri, who led the A&O team comments: “This is an emblematic transaction for Africa with a USD 1.050 billion price tag and will provide Sanlam with an opportunity to expand its geographical presence, becoming a truly Pan-African financial services group operating across Francophone, Anglophone and Lusophone markets.”

The transaction is expected to close before the end of 2018 and is subject to various regulatory approvals.

The acquisition of Saham’s shares will be followed by a public takeover of the remaining shares of Saham Assurance Maroc, a company listed on the Casablanca Stock Exchange.

The transaction was run out of Allen & Overy's Casablanca office. The team was led by partner Hicham Naciri and by Sylvain Aoust, Counsel, supported by Younes Maleh, Counsel, Zineb El Kouhen, associate and Martin Dijos, associate.

Anti-trust advice was provided by London-based associate Max Kaufman.

Luxembourg corporate advice was provided by partner Marc Feider.

About the parties

· Saham S.A, a Moroccan capital holding, is a reference operator in several industry sectors including healthcare, real estate, education and offshoring, and Saham Finances is one of the largest insurers in North, West and East Africa as well as the Middle East and the market leader in most of the countries in which it operates.

· Sanlam is South Africa’s largest insurance operator and a leading financial services group listed on the Johannesburg and Namibian Stock Exchanges. The group operates in Anglophone and Lusuphone Africa including Ghana, Nigeria, Kenya, Mozambique and Zambia. Through its 5 business clusters – Sanlam Personal Finance, Sanlam Emerging Markets, Sanlam Investments, Santam and the newly established Sanlam Corporate – the group provides comprehensive and tailored financial solutions to individual and institutional clients across all market segments. The group’s areas of expertise include insurance (life and general), financial planning, retirement, investments and wealth.

Other advisers

Sanlam was advised by ENSAfrica Cape Town.

For further information, please contact Amal Ounir, Amal.Ounir, on +212 520 478 000

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