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News > Private Equity > Exits

Wendel sells its stake in Saham Group

Africa Global Funds
March 20, 2018, 4:33 p.m.
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Wendel, one of Europe's leading listed investment firms, has disposed its stake in Saham Group’s holding for $155m. 

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Wendel, one of Europe's leading listed investment firms, has disposed its stake in Saham Group’s holding for $155m. 

The transaction is concomitant with an agreement signed on March 7, 2018 whereby Saham Group sells its insurance division (Saham Finances) to Sanlam, a South African financial services group in the African continent. 

Sanlam has been a shareholder in Saham Finances for the past three years and has held until recently 46.6% of the capital. 

The sale of Wendel’s stake is subject to the closing of the transaction between Saham Group and Sanlam, which should be completed in the second half of 2018.

Wendel gets also an earn-out, equivalent to 13.3% of capital gains, on any disposal of the remaining businesses of Saham Group (Customer relationship centers, Real estate, Healthcare and Education) occurring in the next 24 months at a valuation greater than certain pre-defined thresholds.

Wendel invested €100m in the holding company in 2013 for 13.3% of the capital, to finance Saham’s African growth and diversification.

Since 2012, Wendel has invested more than $1bn in Africa through four companies. 

Its portfolio includes IHS, Africa's leading independent telecom towers company, Tsebo, the pan-African leader in business services, and PlaYce (formerly SGI Africa), a pioneer in African commercial real estate.
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