Sanlam Ltd., South Africa’s biggest insurer, plans to buy a 25% stake in a company backed by billionaire Patrice Motsepe that controls a digital bank.
Sanlam’s Life unit will acquire the stake in African Rainbow Capital Financial Services Holdings, which controls African Rainbow Capital Investments Ltd.’s holdings in TymeBank, AI Fund, CrossFin Holdings and Ooba, in a deal valued at 3.9 billion rand ($218 million), according a regulatory filing. Motsepe is Sanlam’s deputy chairman and is the founder of African Rainbow Capital Investments.
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