South African Firm Set to Acquire Stake in MultiChoice’s Business [Video]

• South African insurance company Sanlam Limited is set to acquire a huge stake in the insurance subsidiary of MultiChoice Group.
• Both companies made the disclosure, admitting that the partnership will create synergies that will benefit all stakeholders involved
• The deal comes amid MultiChoice’s legal troubles in Nigeria over protests against its recent subscription price hikes for its DStv and GOtv packages

Legit.ng journalist Victor Enengedi has over a decade’s experience covering Energy, MSMEs, Technology and the stock market.

Sanlam Limited, an insurance company based in South Africa, is poised to purchase a 60% stake in NMS Insurance Services, the insurance division of MultiChoice Group, for R1.2 billion (approximately N99.14 billion).

In a joint announcement, the companies disclosed that the agreement features a long-term commercial partnership to broaden the scope of insurance and related financial services available to MultiChoice’s large subscriber base across Africa.