CapitalWorks, one of Africa’s largest private equity firms has finally completed its acquisition of Aon’s plc shareholding across certain sub-Saharan operations, which was announced during the first quarter of 2017. The acquisition also saw the insurance broker change its name to Minet Africa.
Joe Onsando, Chief Executive Officer of Minet Africa said, “In February 2017, Aon plc announced its decision to change the ownership structure of its operations across several sub-Saharan countries. The various conditions have now been fulfilled and effective November 2017, Aon’s African operations was transferred to CapitalWorks.”
The transaction will affect 10 countries whereby the regulations required have already been fulfilled in Kenya, Lesotho, Malawi, Namibia, Uganda and Zambia while in the other remaining countries; Angola, Mozambique, Swaziland and Tanzania they are expected to be approved by next year.
CapitalWorks is also absorbing Aon employees with extensive industry experience and knowledge of clients’ operations in the affected sub-Saharan countries in a move to ensure a sense of leadership, continuity and stability for both the clients and colleagues as well. In addition to this, the new group will trade using the name Minet, which is of one of the most well-known and trusted brands across Africa as well become Aon’s largest Global Network Correspondent.
“The conclusion of this transaction marks a historic milestone for Africa. Our industry finally has its own Pan-African player with a diverse African footprint, owned and led by Africans. The time has come for our African team to take the business through a new growth trajectory. This is the beginning of yet another exciting chapter in our business. It is an affirmation of the tireless efforts they have put into building and growing the company over the past 70 years,” Mr Onsando said.