By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Insurer, Mansard Insurance Plc on Monday announced it will acquire a 60 percent stake in Pension Fund Administrator (PFA), Penman Pensions Limited, the company said in an issuer’s announcement to the Nigerian Stock Exchange (NSE).
Mansard disclosed the 60 percent stake is from the issued and paid up share capital of Penman Pensions and it intends to run and operate the PFA as its subsidiary in the Pension Industry.
Mansard said it’s in the process of completing the deal and have obtained regulatory approvals from the Pension Commission, the National Insurance Commission and the Securities and Exchange Commission.
Similarly, the insurer revealed that it completed the transfer of ownership of Assur Africa Holding Limited (AAH) to AXA on 8 December 2014.
“In view of the acquisition of AAH, the beneficial ownership of the 77 percent of Mansard’s shares (the majority shareholder) has changed to AXA while the legal ownership of the shares will not change,” the insurer affirmed.
On November 28, French insurer AXA announced it will acquire 77 percent stake worth 198 million euros ($246 million) in cash of Mansard Insurance in a transaction that is expected to close before the end of 2014.
AXA announced it entered into an agreement to acquire 100% of Assur Africa Holdings (AAH) which holds a 77 percent stake in Mansard Insurance. Under the terms of the agreement, the total cash consideration payable at closing would amount to Euro 198 million.
AXA further affirmed it will include the acquired operations within its Mediterranean & Latin American Region.
Mansard Insurance is the fourth largest player in Nigeria and with this acquisition, AXA would emerge number four insurance operator in the country.
