Wafa Assurance finalizes acquisition of majority stake in Egypt's Delta Insurance

Morocco’s Wafa Assurance has finalized the acquisition of a 63.39% stake in Egypt’s Delta Insurance from Egypt Kuwait Holding (EKH), following a mandatory tender offer.

In a statement released Sunday on the Egyptian Exchange (EGX), EKH announced that the transaction was completed at EGP 40 per share, valuing the deal at approximately EGP 3.17 billion, the equivalent of MAD 670 million.

The group noted that it generated a profit of $46 million (MAD 460 million) on a standalone basis and $3 million (MAD 30 million) on a consolidated basis as a result of the sale.

Wafa Assurance has been present in Egypt, through its subsidiary Wafa Life Insurance Egypt, since 2021.