Sanlam, a South African financial services group, agreed to acquire a 22.8% stake in SAHAM Assurance, a provider of life and property/casualty insurance services, from Sanam Holdings and First Commercial Estate, a property management services provider, for $138m. The transaction is subject to certain conditions, including approvals from the relevant regulatory authorities to the extent required both in South Africa and Morocco. The deal will enable Sanlam to deepen its direct presence in North and Francophone West Africa as part of Sanlam’s strategy to optimize the Pan-Africa portfolio and strengthen its position in core markets.