VENTURES AFRICA – Britam, an East African financial service firm, is set to complete its Sh1.4 billion ($16 million) acquisition of Real Insurance pending approvals from market regulators in Mozambique, Tanzania and Malawi.

The group, which control operations in Kenya, Uganda and Rwanda has received approvals from regulators in Kenya, but said it awaits same from the other countries where Real Insurance operates to ensure completion of the transaction by mid-July.

We had hoped to receive the approvals faster but that was just our expectation; the regulators have their own time table,” Benson Wairegi, chief executive officer of Britam was quoted as saying on Friday.

Britam requires the approval of the Insurance Commissions, competition authorities and regulators of Capital market of the four countries to close the deal.

The company will have to make a cash payment of Sh825 million ($9.4 million) and issue new shares worth Sh550 million ($6.3 million) to the shareholders of Real Insurance, which Wairegi expects to have been done by middle of next month.

The merger with its rival will see Britam expand its presence in Africa. The company currently operates in Rwanda, Kenya, Uganda and South Sudan.

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