AfricInvest, The Abraaj Group and Swedfund Agree to Exit UAP Holdings (Sub-Saharan Africa)

Source: AfricInvest

Pan-African private equity firm AfricInvest, global growth markets investor The Abraaj Group and development finance institution Swedfund have entered into an agreement to sell their collective 37.3 percent stake in Kenya-based insurance provider UAP Holdings to Old Mutual Holdings, a wholly-owned subsidiary of insurance and banking group Old Mutual, for KES14.2 billion (approximately US$155.5 million). Old Mutual has also agreed to purchase an additional 23.3 percent stake in UAP from two other shareholders. AfricInvest’s portion of the transaction will be structured through two of its funds, AfricInvest II and AfricInvest Financial Sector Fund, while The Abraaj Group’s will be structured through its Aureos Africa Fund. The transaction is subject to regulatory approval and is expected to be completed in the first half of 2015.