Sanlam Life has agreed to acquire a 60% shareholding in MultiChoice’s insurance business, NMS Insurance Services, for R1.2 billion, with a potential performance-based earn-out of up to R1.5 billion by December 2026. The parties plan to expand insurance and related financial services to MultiChoice’s 21 million households across 50 African countries. NMSIS, part of MultiChoice’s fintech division, offers various insurance products and has shown substantial growth in South Africa. The strategic relationship allows MultiChoice to retain a 40% interest in NMSIS and the broader venture, benefiting from the segment’s high-growth potential. The transaction helps Sanlam, through its Fintech cluster, to expand access to financial services across Africa, leveraging MultiChoice’s subscriber base for cross-selling opportunities. MultiChoice will use the transaction proceeds for working capital purposes.
