INSURANCE BROKER
Capitalworks acquires Aon’s Africa operations
The transaction adds Africa’s largest risk and human capital advisory network to Capitalworks’s investment portfolio
Capitalworks, the private equity group that will soon delist Sovereign Foods from the JSE, has taken ownership of insurance broker Aon plc’s operations in six African countries for an undisclosed amount. The deal, first announced in February, was finalised on November 3, with the new group, named Minet, unveiled in Kenya on Tuesday. The transaction adds Africa’s largest risk and human capital advisory network to Capitalworks’s investment portfolio, which includes Rhodes Food Group, IQ Business and MTN Nigeria. Aon consults on insurance, retirement and employee benefits solutions. Regulatory approvals had been obtained in Kenya, Lesotho, Malawi, Namibia, Uganda and Zambia, Capitalworks said on Tuesday. Approvals for Mozambique, Angola, Swaziland and Tanzania were expected in 2018. SA and Botswana were excluded from the transaction. Africa’s growing middle class is expected to yield opportunities for banks and insurance companies, particularly as penetration of financial services rem...
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