Insurance broker Aon Kenya has rebranded to Minet after British multinational Aon Plc completed sale of stake in its Africa operations to South African private equity (PE) firm Capitalworks.
The conclusion of the acquisition comes barely two months after Competition Authority of Kenya (CAK) approved the proposal indicating that the buyout would have no negative effect on competition.
Johannesburg-based Capitalworks is a Africa-focused and manages more than $515 million (Sh53.4 billion) in assets.
“We are pleased to inform you that the various conditions have now been fulfilled and that, effective November 3, Aon’s shareholding across certain sub-Saharan operations will be transferred to Capitalworks,” Aon said in a statement.
The acquisition is part of a buyout spanning 10 Aon units in Africa including Zambia, Swaziland, Namibia, Lesotho, Angola, Mozambique, Malawi, Tanzania and Uganda.
Regulatory approvals have been obtained in Kenya, Lesotho, Malawi, Namibia, Uganda and Zambia, with the nods for the remaining countries expected in the first quarter of 2018.
Aon sub-Saharan Africa will now be trading as Minet, and will become Aon’s largest network correspondent.
Aon workers in the affected countries will remain part of the operations that Capitalworks is acquiring, to ensure leadership, continuity and stability for clients.
Aon sub-Saharan Africa, now Minet Group chief executive Joe Onsando said Minet will embrace new technology and innovation to expand its footprint in Africa.
“Our industry finally has its own pan-African player with a diverse African footprint, owned and led by Africans. The time has come for our African team to take the business through a new growth trajectory. This is the beginning of yet another exciting chapter in our business,” said Mr Onsando.