Aon South Africa (Pty) Ltd (Aon SA), a leading risk management, insurance brokerage, healthcare, retirement funding and actuarial consulting organization and a subsidiary of Aon Corporation, has acquired Glenrand MIB Limited (Glenrand) for a US$60 million consideration.
Aon SA concluded this transaction as part of their strategy to increase their presence in South Africa and sub-Saharan Africa. Aon Corporation has significant interests in sub-Saharan Africa and the combination of the strengths of Glenrand and Aon SA will help achieve the firm's growth strategy on the continent and result in an improved service offering to existing and prospective clients of both companies. The combined entity will own 18 branches in South Africa.
Glenrand is a market leader in the insurance broking and risk consultancy industry, covering the full short-term insurance spectrum and servicing South African and international clients ranging from individuals to large multinational corporations. The core business of Glenrand is focused on an extensive risk advisory capability and specializes in highly innovative combinations of conventional short-term and tailor-made solutions, operating throughout Southern Africa.
Oaklins' team in South Africa acted as corporate advisor to Aon SA in respect to this transaction, managing the entire process from the initial discussion phase until the signature of all agreements and implementation.
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