Mercer has entered into a definitive agreement to acquire a 34% stake in South Africa-based Alexander Forbes Group Holdings Ltd. for an undisclosed amount.

“We are thrilled to have this opportunity to establish a relationship with Alexander Forbes, a leader in the retirement, investments and employee benefits space in South Africa and broader sub-Saharan Africa,” says Julio A. Portalatin, Mercer’s president and CEO.

Alexander Forbes principally focuses on employee benefits and investment solutions for institutional clients, and financial well-being and retail financial solutions for individual clients.

“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,” he adds.

The transaction is conditional upon the listing of Alexander Forbes on the Johannesburg Stock Exchange and other customary closing conditions, including the receipt of requisite regulatory approvals.

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Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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