Morocco’s Wafa Assurance (previously Société Nouvelle d’Assurances) has submitted a mandatory tender offer to acquire 100% of Delta Insurance in Egypt, with a total deal value of EGP 5bn ($100.4mn), Economy Plus reported on June 12. The Egyptian Financial Regulatory Authority (FRA).
Wafa Assurance plans to merge Delta Life Insurance (a subsidiary of Delta Insurance) into Wafa Life Insurance, its own subsidiary.
According to the offer, Wafa Assurance will buy 125mn shares representing 100% of Delta Insurance at EGP 40 per share. The offer is conditional upon at least 51% of shareholders accepting.
The offer includes an additional 25mn shares for capital increase. Wafa Assurance announced its intention to delist Delta Insurance from the Egyptian Exchange after the acquisition.
The company commits to buying any remaining shares that don’t participate in the offer at the same price (EGP 40/share) within 6 months of the transaction.
The merger process is expected to begin within two months of the deal and must be finalised within 6 months from the date of applying to the FRA.
Wafa Assurance is 79% held by Attijariwafa Bank, with the remainder publicly traded on the Casablanca Stock Exchange. Founded in 1972, the company is active in Tunisia, Côte d’Ivoire, Senegal, Cameroon, and recently Egypt. It covers life insurance, non-life insurance (auto, property, health, liability, etc.), asset management, and Islamic takaful products.
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