JOHANNESBURG, (The Southern African Times) – South Africa’s Sanlam Ltd will sell part of its UK business to investment firm Oaktree Capital Management for 140 million pounds ($191.37 million), the company said on Monday, and funnel the capital into emerging markets.
Under the agreement, Sanlam UK, a part of Sanlam, will sell its 100% shareholding in Sanlam Private Investments (UK) Holdings Limited and Sanlam Wealth Planning Holdings UK Limited and their subsidiaries, the company said in a statement.
The move will help Sanlam “to simplify its UK operations and reallocate capital to Africa and other selected emerging markets.”
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The transaction is expected to be closed in the first quarter of 2022, the insurer said.
