LONDON, UK: Chesnara Plc has entered into an agreement with Sanlam UK Limited to acquire Sanlam Life & Pensions UK Limited (SLP), a specialist provider of insurance and long-term savings products in the UK.Cash consideration of £39 million will be funded from Chesnara’s existing debt facility. The acquisition enhances the scale of its operations in the UK by adding £2.9 billion of assets under administration and c.80,000 policies.
Completion is expected to occur in early 2022, conditional upon customary regulatory approvals.
John Deane, Chief Executive Officer, Chesnara stated: “We are delighted to announce this transaction which will expand the scale of our UK operations and deliver potential for material value creation for Chesnara. The expected incremental cash generation from SLP will enhance the sustainability of our progressive dividend strategy.
Sanlam Life & Pensions UK Limited (SLP) business is well aligned to Chesnara’s acquisition strategy and will be integrated with our existing UK operations. We look forward to welcoming SLP’s customers and staff to the Chesnara group and continuing to work with Sanlam on the management of SLP assets.
We believe that the market prospects for further acquisitions across our target markets remain positive and we continue to be confident in our ability to finance and execute such transactions on attractive terms for both vendors and our shareholders.”
Jonathan Polin, Chief Executive Officer, Sanlam UK Limited stated: “This deal is a testament to the strength and quality of SLP and its long-standing track record of excellent client service. I would like to thank all my colleagues there for their unstinting efforts. Chesnara is a highly respected and established life insurance and pensions consolidator and I am confident that the business will flourish under its new ownership for the benefit of all its key stakeholders, including policyholders.”
Sanlam Life & Pensions UK Limited (SLP) is specialist provider of insurance and long-term savings, with key products of unit-linked pensions and SIPPs, aimed primarily at affluent and high net worth private clients in the UK.
SLP is part of Sanlam UK Limited, a financial services group offering wealth management, life and pension insurance products and asset management services. Sanlam UK Limited is a wholly-owned subsidiary of Sanlam Limited, an international financial services group headquartered in South Africa and listed on the Johannesburg, A2X and Namibia stock exchanges.
Chesnara is a life and pensions consolidator listed on the London Stock Exchange.
Chesnara Plc share price
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10 Sep, 4:38 pm GMT+1 ·Disclaimer