Allianz will acquire controlling stakes of between 51 per cent and 66 per cent in Jubilee’s short-term insurance units in Kenya, Uganda, Tanzania, Burundi and Mauritius.
Jubilee will receive Sh7.75 billion of the cash proceeds while the rest will be invested in the operating businesses.
Jubilee Holdings is selling majority stakes in its regional general insurance subsidiaries to German conglomerate Allianz SE for a total of Sh10.8 billion, marking one of the largest transactions in the industry in recent years.
Allianz will acquire controlling stakes of between 51 per cent and 66 per cent in Jubilee’s short-term insurance units in Kenya, Uganda, Tanzania, Burundi and Mauritius.
