OUTsurance Plans US$612 Million Minority Buyout
The OUTsurance buyout swaps new shares for a stake held by the founder, executives and staff, ending a two-layer structure before a vote on 24 November. The post OUTsurance Plans US$612 Million Minority Buyout appeared first on The Rio Times .
South Africa's OUTsurance Group plans to purchase the minority stake held by its founder, executives, and staff in its main subsidiary. The company, listed on the Johannesburg Stock Exchange (JSE), intends to acquire a stake valued at approximately R10.2 billion (about US$612 million) from its main subsidiary, OUTsurance Holdings Limited.
The minority owners, which include the founder, current executives, managers, and employees, will receive new shares of OUTsurance Group in exchange for their shares. Listed shareholders, including foreign investors, will retain their shares as this is a structural clean-up rather than a change of control. After the deal, OUTsurance Holdings will become a wholly owned subsidiary of the listed group.
The transaction, based on a share-for-share agreement signed on October 5, requires approval from the JSE, exchange-control clearance, and shareholder approval. The final exchange ratio and the number of new shares will be determined based on the average traded share price between October 6 and November 17.
Written by urgent.news from The Rio Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
