Santam to acquire NMS Insurance shares as conditions fulfilled

Santam Limited [JSE:SNT] announced that all conditions precedent have been met for its acquisition of Sanlam Life's 60% interest in NMS Insurance Services (SA) Limited. The transaction, initially detailed in an announcement on November 28, 2024, will become effective on May 2, 2025. Santam will make an initial cash consideration payment of ZAR925 million on this date, as part of the acquisition, with a potential earn-out payment to follow, as described in the initial Transaction Announcement. Investec Bank Limited served as JSE Sponsor (Equity and Debt) to Santam.