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Old Mutual To Buy $97M Stake in Kenya Finance Firm

Old Mutual To Buy $97M Stake in Kenya Finance Firm

Written by Samuel Agini | From London South East via Alliance News

Old Mutual PLC Friday said it is buying a 23.3% stake in Kenya-based UAP Holdings Ltd, an East and Central African financial services company, for KES8.88 billion, or about USD97.6 million, part of its strategy to expand in Africa.

The acquisition comes as the FTSE 100 investment, savings, insurance and banking group looks to grow customer numbers in Africa, excluding South Africa, to 10 million by the end of the decade.

In a statement, Old Mutual said it will pay for UAP, which has a presence in six countries, in cash funded from existing resources.

“This investment is another significant step in delivering the group’s aim of becoming an African financial services champion. UAP is an ideal and complementary fit to our existing Kenyan businesses and we look forward to deepening and broadening our relationship in the future,” Ralph Mupita, chief executive of Old Mutual Emerging Markets, said in a statement.

Read more at London South East