The Bermuda subsidiary of financial services provider Alpha Growth has completed the share purchase acquisition of Old Mutual International (Guernsey), part of South Africa’s Old Mutual.
The deal was originally announced on 24 March 2022, but the acquirer did not name the company it was set to buy.
In March, Alpha Growth said the financial terms of the deal were set to be around $3.3m, adding approximately $370m in assets under management (AuM) to the group.
But on completion, the financial services provider said in a London Stock Exchange announcement that the value of the acquisition was around $4.4m (£3.6m, €4.2m), adding $275m in AuM.
The M&A deal brings Alpha’s total AuM to around $700m. Following the deal, the life company has been rebranded as Alpha International Life Assurance Company (Guernsey).
The directors of Alpha Growth’s Bermuda subsidiary – Providence Life Assurance Company (Bermuda) – Gobind Sahney, Jason Sutherland, and Dan Gray, will join OMI Guernsey’s board as well.
Sahney, executive chairman of Alpha Growth, said: “Our aim at Alpha is to help our clients both build and protect wealth, whilst also generating significant returns for our shareholders.
“The completion of this acquisition is an incredibly significant step in our goal of managing over $2bn of AuM by 2025 and is just one of several exciting initiatives our team have been progressing.”
“We are also in the final stages of completing our previously announced acquisition of Havelet Assignment Company Limited and I look forward to updating our shareholders in due course.
“With continued and ongoing market volatility caused by world events further underpinning the appeal of our uncorrelated offerings, as well as the potential for certain acquisition opportunities presenting themselves over the course of the next 12 to 18 months, there is a possibility, if all goes well, that we may beat our target of reaching $2bn of AuM by 2025.”
International Adviser reached out to Old Mutual for comment, but the firm did not reply in time for publication.