Mercer has made an announcement that it will be acquiring 34 percent of the South Africa-based Alexander Forbes Group Holdings (Alexander Forbes). This means that Mercer will be a key share holder in the company as well as the Jonesburg’s Stocks Exchange.
Mercer is a wholly-owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), a global professional services firm offering clients advice and solutions in the areas of risk, strategy, and human capital.
Julio A. Portalatin, President and Chief Executive Officer of Mercer said: “This is the beginning of a strong partnership that will generate value for both of our firms and our respective clients. We are particularly excited to significantly broaden our exposure to the growth prospects present in South Africa and sub-Saharan Africa. Through this investment, we will be able to support our global clients seeking to enter and expand into the African market, and with our global reach and capabilities, we will be able to support Alexander Forbes’ clients seeking to grow outside of Africa.”
Alexander Forbes principally focuses on employee benefits and investment solutions for institutional clients, and financial wellbeing and retail financial solutions for individual clients. Services include retirement funds and investment consulting, actuarial and administration services, employee risk benefits and healthcare consulting, multi-manager investments solutions, and personal lines and business insurance.
This transaction is conditional upon the listing of Alexander Forbes and other customary closing conditions, including the receipt of requisite regulatory approvals. BofA Merrill Lynch acted as financial advisor, and Webber Wentzel in South Africa and Slaughter and May in the UK acted as legal advisors on the transaction.
