Slaughter and May advised Allianz on the completion of its joint venture with Sanlam to combine their current and future operations across Africa

Slaughter and May advised Allianz, one of the world’s leading insurers and financial services providers on the completion of its joint venture with Sanlam, the largest non-banking financial services company in Africa, to combine their current and future operations across Africa. Namibia will be included at a later stage and South Africa is excluded from the agreement.

The joint venture, which operates under the “Sanlam Allianz” brand, has a presence in 27 countries across the continent. The key priorities of the joint venture will be to: provide greater access to products and services, while leveraging Allianz and Sanlam’s telecommunications and bancassurance partnerships; enhance property, casualty and life insurance offerings; and grow the life and general insurance business.

The joint venture is expected to have a combined total group equity value (GEV) in excess of 35 billion South African rand (approximately 2 billion euros).

Slaughter and May worked closely with the Allianz in-house legal team, including Petra Maerkl (Head of Group Legal M&A) and Isabel Trojette (Senior Legal Counsel).