Namibia-based financial services group Trustco has agreed to buy the insurance business of South African firm Conduit Capital for ZAR2bn (£103m, $135m, €122m).
The sale of Constantia Risk and Insurance Holdings to Trustco’s subsidiary Legal Shield Holdings (LSH), which is subject to regulatory approval, is expected to be completed by the end of March 2020.
Conduit Capital will take a 16.1% stake in LSH as part of the deal.
Constantia offers a range of insurance and risk management solutions in South Africa, covering areas such as health and life insurance.
Trustco, through LSH, aims to expand its insurance operation regionally.
M&A growth plans
Elsewhere, Newcastle Financial Advisers has purchased north Yorkshire-based financial planning firm Fidelis Financial Solutions.
The financial terms of the deal were not disclosed.
Fidelis Financial Solutions is part of the Openwork network.
It was founded by director Andy Sharp and has a customer base of more than 2,000.
Stuart Dodson, managing director of Newcastle Financial Advisers, said: “We have an ambitious growth strategy across our North East region and anticipate this will be the first of a number of strategic acquisition opportunities we will realise.”