Sanlam, Africa’s biggest nonbanking financial services group, said on Monday it had reached an agreement to buy Alexander Forbes’s group risk and retail life business for R100m, though that amount could be subject to adjustment.

The proposed transaction, which still requires regulatory approval and certain conditions to be met, will be funded from Sanlam’s cash resources and will be paid in instalments. Half the value of the sale will be deferred in two equal payments, 12 and 24 months from the effective date of sale, which is subject to both transacting parties fulfilling certain conditions as well as receiving the go-ahead from competition authorities. ..

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