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International long-term savings, protection and investment group Old Mutual plc (OML) announced on Wednesday that a preliminary non-binding offer has been accepted by Ecobank Transnational Incorporated (ETI) for the acquisition of Nigerian insurer Oceanic Life.
Oceanic Life was acquired by ETI in October 2011 as part of the Oceanic Bank Group.
Old Mutual and ETI are currently negotiating and finalising the relevant legal agreements. These agreements will incorporate the required conditions precedent for the transaction, including the relevant regulatory approvals from both a South African and Nigerian perspective.
Oceanic Life is a Nigerian life assurance company with a market share of 1.8% and a Net Asset Value of US$16 million.
The acquisition would form part of Old Mutual's stated strategy of expanding its presence in sub-Saharan Africa. - I-Net Bridge
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