Old Mutual gets approval to acquire UAP

Old Mutual says it has received all regulatory approvals for the acquisition of a further 37.3 per cent of UAP Holdings. Following completion of this acquisition, which is expected within the next two months, Old Mutual will hold a stake of 60.7 per cent in UAP.

This follows announcements by Old Mutual in January that it had acquired 23.3 per cent of UAP Holdings, and intended to purchase a further stake held by the Abraaj Group, AfricInvest and Swedfund of 37.3 per cent.

Old Mutual Kenya Group CEO Peter Mwangi confirmed this during a workshop organised by both Old Mutual Kenya and the UAP group to commence the merger operations.

“A majority stake in UAP, combined with the existing Old Mutual businesses in Kenya, will provide the group with the scale and product breadth to capitalise on the significant growth,” Mr Mwangi said.

UAP Holdings Group MD Dominic Kiarie said Old Mutual brings on board global connections and expertise, infrastructure as well as access to financial resources that will enable UAP compete effectively.