Sanlam Limited, Africa’s largest non-banking financial services group, has acquired 60% of MultiChoice Group’s insurance business, NMS Insurance Services (NMSIS), for ZAR1.2bn ($67m) in cash. The deal will expand Sanlam’s distribution network and allow it to cross-sell financial services products to MultiChoice’s 21 million subscribers across 50 African countries. NMSIS, which has been writing insurance for 20 years, will continue to operate under the DStv brand and will benefit from Sanlam’s expertise and technology to drive growth and innovation in its insurance offerings. The transaction is subject to regulatory approvals from South African authorities.
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