S.African insurer to sell part of UK business to Oaktree Capital

JOHANNESBURG - South Africa's Sanlam Ltd will sell part of its UK business to investment firm Oaktree Capital Management for 140 million pounds ($191.37 million), the company said on Monday, and funnel the capital into emerging markets.

Under the agreement, Sanlam UK, a part of Sanlam, will sell its 100% shareholding in Sanlam Private Investments (UK) Holdings Limited and Sanlam Wealth Planning Holdings UK Limited and their subsidiaries, the company said in a statement.

The move will help Sanlam "to simplify its UK operations andreallocate capital to Africa and other selected emerging markets."

The transaction is expected to be closed in the first quarter of 2022, the insurer said.

($1 = 0.7316 pounds)