Morocco's Wafa Assurance to take over Egypt's Delta Insurance
Wafa Assurance, a subsidiary of Morocco's top lender Attijariwafa Bank, offered a price of 40 Egyptian pounds per share in a deal that values the Cairo-listed company at 925 million dirhams ($100 million), it said in a statement.
Egypt Kuwait Holding Company, which holds 63.39% of Delta, has agreed to tender its entire stake under the terms of the offer, Wafa Assurance said.
The deal is pending the approval of Egypt's Financial Regulatory Authority, it said.
Casablanca-listed Wafa Assurance already operates in Egypt's life insurance market through its subsidiary Wafa Life Insurance Egypt.
It said the acquisition would expand its operations in a fast-growing market with strong growth potential.
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