Allianz SE acquires majority stake in Kenya’s Jubilee Holdings subsidiaries

KENYA – German conglomerate Allianz SE has bought a majority stake in Jubilee Holdings regional general insurance subsidiaries for a total of $100 million making it one of the largest transactions in the industry in recent past. Allianz will acquire controlling stakes of between 51 percent and 66 percent in Jubilee’s short-term or general insurance units in Kenya, Uganda, Tanzania, Burundi and Mauritius. Jubilee Holdings will receive $700 million while the rest will be invested in the operating businesses. As part of the transaction, Allianz’s subsidiary in Kenya (Allianz Insurance Company…

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Jubilee Holdings acquires an additional 9% stake in Bujagali Energy

UGANDA – Jubilee Holdings Limited (JHL), an insurance company, has acquired an additional 9.44 percent stake in Bujagali Energy Ltd (BEL), increasing its shareholding in the Ugandan-based firm to 18.24 percent from 8.8 percent. The shares valued at US$40 million were held by the technical partners SN Power. SN Power, which remains with an economic majority of 55.45 percent shares in BEL, invests in clean, renewable energy on a commercial basis in emerging markets. The company’s primary focus is on hydropower and is fully owned by Norfund, the Norwegian Investment…

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