LeapFrog Strategic Africa Investments, a financial services investments vehicle set up by Prudential Financial and LeapFrog Investments in 2016, is planning on buying a minority stake in JSE-listed Alexander Forbes Group Holdings from global consulting firm Mercer. The acquirer would pay R5.25 per share to acquire the whole of Mercer’s 14.8% holding, making the deal worth approximately $70.6 million. The transaction will close once the necessary regulatory approvals have been granted.
The deal adds a significant African financial services business to the $350 million LeapFrog Strategic Africa Investments platform. Alexander Forbes has been in operation since 1935 and has become a key player in South Africa’s financial services industry providing financial advice, retirement, investment, and holistic wealth management services in South Africa. The multi-manager has R420 billion of assets under administration on behalf of customers in South Africa, Botswana, Namibia, and the Channel Islands. The firm also leverages its partnerships to provide specialist consulting and wealth management to multinational employers operating in as many as 32 countries on the continent.
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