Old Mutual, which is an international long-term savings group confirmed this in a statement.
According to Old Mutual, the transaction is conditional on relevant regulatory approvals and is expected to complete by the end of 2013. It added that IC Securities Ghana Limited acted as advisors to Old Mutual in this transaction.
“The consideration for the transaction will form part of the five billion rand previously identified by Old Mutual as being available for expansion into Africa,” it said.
The acquisition of provident Life further expands the operations of the London-listed insurer on the African continent.
Julian Roberts, Group Chief Executive said “This transaction is another important step in our strategy of expanding our emerging markets businesses.”
Old Mutual was established in 1845 in South Africa but currently has it headquarters in London.
By Ekow Quandzie