Sanlam to acquire additional stakes in Shriram’s insurance businesses from Shriram and TPG for ZAR5.3bn.

Sanlam, a South African financial services group, agreed to acquire additional stakes in Shriram’s insurance businesses from Shriram, an Indian insurance company, and TPG, an investment firm, for ZAR5.3bn. The transaction will see Sanlam increase its stakes in Shriram General Insurance Co and Shriram Life Insurance Co. As a result, Sanlam’s effective economic shareholding in SGIC will increase from the current 40% to 51% and the effective economic shareholding in SLIC will increase from the current 42% to 54%.