DLA Piper advises on Sanlam Life’s ZAR3.2 billion subscription for shares in ARC Investments

DLA Piper has advised Sanlam Life Insurance Limited (Sanlam) on the subscription for shares in African Rainbow Capital Investments Proprietary Limited (ARCI), representing a 25% economic interest in the diversified investments portfolio of the ARC Fund. This is through the subscription for a new class of shares in ARCI for an aggregate subscription price of ZAR3.2 billion. The transaction is subject to an amended memorandum of incorporation of ARCI becoming effective.

Sanlam is a pan-African financial services group headquartered in South Africa, with a focus on emerging market economies. The group operates in 26 countries across Africa, Asia, and the UK, including eight of the top 10 largest African economies, and is listed on the JSE Limited, Namibian Stock Exchange, and A2X. Sanlam is a market leader in life insurance, general insurance, asset and wealth management, wills and trusts administration, healthcare, retail credit, and financial planning.

A team from the Corporate practice from DLA Piper’s South Africa offices worked on the transaction, co-led by Johannes Gouws, Country Managing Partner, South Africa and partner Lorica Elferink. They were supported by associate Nicole Sentoo. 

Johannes Gouws, Country Managing Partner, South Africa, commented: “This transaction strengthens Sanlam's long-standing relationship with the ARC group and facilitates Sanlam's economic participation in a broad portfolio of diversified assets.”