Financial services firm I&M Holdings on Thursday announced the completion of a buyout deal of Youjays Insurance Brokers for an undisclosed value.
The acquisition, through I&M Insurance Agency Ltd, has been approved by all relevant regulators, including the Insurance Regulatory Authority, Capital Markets Authority and the Competition Authority of Kenya, the Nairobi Securities Exchange-listed firm said in a statement to investors.
“I&M Holdings (IMHL) is pleased to inform its shareholders and investing public that following the receipt of all regulatory approvals and satisfactory completion of all conditions precedent outline in Sale and Purchase Agreement, I&M Insurance Agency has successfully completed the acquisition of 100 per cent of the shareholding of Youjays Insurance Brokers,” the company said in a note to the NSE.
The takeover deal was sealed at the end of last month, I&M said.
Youjays, which deals in both life and general insurance products, has been in operations since late 1980s and is believed to control a premium portfolio of about Sh400 million.
The group has been on acquisition spree in recent years in a bid to build a financial supermarket.
It completed the acquisition of bottom-tier Giro Bank in February 2017 and a controlling 65 per cent stake in corporate finance advisory Burbidge Capital in November, resulting in a rebrand to I&M Burbidge Capital.