will buy a 60% stake in MultiChoice South Africa’s insurance business, NMS Insurance Services, for an upfront cash amount of R1.2-billion and a potential performance-based cash earn-out of up to R1.5-billion., MultiChoice gains access to unparalleled insurance expertise, comprehensive financial services resources and access to Sanlam’s financial services operations across Africa to address MultiChoice client needs,” the companies said on Tuesday in a joint statement.
The firms said they have also entered into a long-term commercial arrangement to expand insurance and related financial service offerings into MultiChoice Group’s “extensive subscriber base of 21 million households across 50 countries on the African continent”. “Through the strategic relationship with Sanlam, MultiChoice gains access to unparalleled insurance expertise, comprehensive financial services resources and access to Sanlam’s financial services operations across Africa to address MultiChoice client needs,” the companies said. —