South African insurer Sanlam will buy a 60% stake in MultiChoice’s insurance business for an upfront cash amount of 1.2 billion rand ($66 million) and a potential performance based cash earn-out of up to 1.5 billion rand.
“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 on Tuesday in a joint statement.
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