Sanlam, a financial service company, agreed to acquire the remaining 38% stake in BrightRock, a financial service provider, for $50m. The capital synergies and expense efficiencies will enhance the return on the BrightRock asset, and we expect the business to maintain its strong market position. The management members of BrightRock are incentivised to deliver future value through the transaction structure, which defers a portion of the payment and links the price to achieving agreed VNB targets.