Slaughter and May advised Allianz on its agreement with Sanlam to combine their current and future operations across Africa (excluding South Africa)

Slaughter and May advised Allianz, one of the world’s leading insurers and asset managers, on its agreement with Sanlam, the largest non-banking financial services company in Africa, to combine their current and future operations across Africa (excluding South Africa).

As stated in the press release of the parties, the combined operations of Sanlam and Allianz will create a premier Pan-African non-banking financial services entity, operating in 29 countries across the continent. The joint venture will be the largest Pan-African insurance player and is expected to be ranked in the top three in the majority of the markets where the entity will operate. The entity is expected to have a combined total group equity value (GEV) in excess of 33 billion South African rand (approximately 2 billion euros).

The agreement is subject to certain conditions precedent, including but not limited to the receipt of required approvals from competition authorities, financial/insurance regulatory authorities and any customary conditions that Sanlam and/or Allianz would be required to fulfil for each jurisdiction.

Slaughter and May worked closely with the Allianz Group legal team, including Petra Maerkl (Head of Group Legal M&A), Isabel Trojette (Senior Legal Counsel) and Nandini Wilcke (Regional Head of Mergers & Acquisitions and General Counsel, Allianz Africa).