| Type of matter | Parties involved | Tribunal Decision |
|---|---|---|
| Large merger | Sanlam Life Insurance Limited And Assupol Holdings Limited | Approved with conditions |
| Large merger | K2012150042 (South Africa) (Pty) Ltd And Big Box Retail Fund (Pty) Ltd | Approved without conditions |
The Competition Tribunal (“Tribunal”) has approved the proposed merger wherein Sanlam Life Insurance Limited (“Sanlam Life”) intends to acquire Assupol Holdings Limited (“Assupol”), subject to an employment related condition. Following the implementation of the proposed transaction, Sanlam will exercise sole control over Assupol.
Sanlam Life is wholly owned and controlled by Sanlam Limited (“Sanlam”), a public company listed on the Johannesburg, Namibian and A2X stock exchanges. Sanlam provides financial solutions to institutional clients and consumers across all market segments. Its areas of expertise include insurance (life and non-life), financial planning, retirement, investment and wealth management. Sanlam operates across the African continent, India, Malaysia and various other countries.
Assupol is a public company listed on the Cape Town Stock Exchange. It is the holding company of the Assupol group of companies which operate through two wholly owned subsidiaries, Assupol Life (a registered life insurer and authorised financial services provider which offers funeral cover, life cover, pre-and post-retirement products, savings products to individual clients and funeral cover to group schemes in South Africa) and Assupol Investment (the investment holding company that houses the Assupol Group’s strategic investments).
K2012150042 (South Africa) (Pty) Ltd And Big Box Retail Fund (Pty) LtdThe Tribunal has unconditionally approved the proposed merger wherein K2012150042 (South Africa) (Pty) Ltd ("K2012") intends to acquire shareholding in Big Box Retail Fund (Pty) Ltd (“Big Box”).
K2012 is ultimately controlled by Old Mutual Limited. The acquiring group engages in financial services including insurance, asset management and private equity. Its retail property activities are of relevance to the proposed transaction. It controls various retail properties, among others.
Issued by:
Gillian de Gouveia, Communications Manager
On behalf of the Competition Tribunal of South Africa
Cell: +27 (0) 82 410 1195
E-Mail: GillianD@comptrib.co.za
Twitter: @comptrib
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