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South Africa's Liberty to buy 75 pct stake of Nigerian long-term insurer
February 24, 2017 / 5:39 AM / 9 months ago

South Africa's Liberty to buy 75 pct stake of Nigerian long-term insurer

JOHANNESBURG, Feb 24 (Reuters) - South Africa’s Liberty Holdings will acquire a 75 percent stake in a Nigerian long-term insurer for 160 million rand ($12 million), the company said on Friday, pursuing its strategy of expanding on the African continent.

Liberty, South Africa’s number four insurance firm by market value, is expanding beyond its home base to parts of Africa, where demand is rising from a growing middle class.

Further details of the deal were not disclosed. ($1 = 12.8950 rand) (Reporting by Nqobile Dludla; Editing by Gopakumar Warrier)

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