LeapFrog Investments known globally for shaking markets that it enters last week announced plans to acquire a controlling stake in Resolution Health East Africa Limited.

The acquisition is said to cost anything in the region of $19 million and according to the planners, it is almost complete.

According to the announcement made in Nairobi last week, the deal is undergoing the last stages of regulatory approval.

This is the second major investment announcement by LeapFrog in the regional market in as many months. Last month, the global deal-maker announced the sale of its stake in Apollo Investments Limited, one of the top three regional insurers in East Africa, to Swiss Re.

“Our investment positions Resolution to take the next leap in its growth, and we look forward to working with them to expand their reach in health insurance and beyond,” LeapFrog partner Dominic Liber said. Resolution Health East Africa Limited is the holding company for leading East African general insurer Resolution Insurance with operations in Kenya and Tanzania and in partnership with IAA-Resolution in Uganda.

LeapFrog also has investments in insurance underwriters and distributors in countries such as Ghana, Nigeria, South Africa and India with the group’s portfolio of companies currently reaching over 22 million people across 16 countries. “This deal is a great vote of confidence in our continuing growth in the region. We hope to maximize of LeapFrog’s operational capacity and experience to conquer new grounds. It ties in well with our commitment of being the unrivalled health insurer of choice in the region,” Resolution CEO Peter Nduati, said.

 

 

Source : busiweek.com