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Williamsville Sears to Acquire Equity Interest in African Alliance Insurance
Wednesday 13 June 2018

13 June 2018 - New York, US-based diversified holding corporation Williamsville Sears Management Inc. (OTC: WSML) has signed a letter of intent with Conau Ltd. for the acquisition of 60% controlled equity in its subsidiary company Nigeria-based insurance company African Alliance Insurance PLC, the company said.

The acquisition is an all stock-swap transaction subject to the approval by both companies, the execution of definitive agreements and the achievement of certain other milestones. Financial terms of the transaction were not disclosed.

The acquisition anticipated by the LOI is the result of a process initiated following WSML's strategic review announced a few months ago. If consummated, WSML will own 60% of the outstanding shares of African Alliance Insurance PLC.

African Alliance PLC has the following subsidiaries: African Alliance Trustees Ltd., Ghana Life, Frenchies Foods Ltd., Universal Insurance Company PLC, African Alliance Holding Ltd. and Axiom Air Ltd., a start-up airline company with operating licenses. African Alliance has over USD 50m in annual revenues.

Williamsville Sears Management Inc. is a diversified holding corporation that operates its own assets through a range of subsidiary companies under its purview.

The group's primary focus is in real estate, mining, media, transportation, entertainment and technology. The group uses vertical integration as a strategy of diversification and growth. The group plans to grow through acquisitions in Africa, United Kingdom and the United States.

African Alliance Insurance PLC provides risk underwriting for life, related financial and pension services, and aviation and hospitality services for corporate and individual customers in Nigeria.

The company offers annuity, group life, takaful, and other individual insurance products, as well as savings schemes and investment products.

It also develops, rents, and manages properties; owns and manages airline; and operates restaurant and provides catering services.
Details
Date Published: 13/06/2018
Target: African Alliance Insurance/60^ stake
Country: Nigeria
Sector: Insurance
Type: Corporate acquisition
Financing: Cash and Stock
Status: Agreed
Vendor: Conau Ltd
Buyer: Williamsville Sears Management
Comment:
Terms of the deal were not disclosed

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