Wafa Assurance has agreed to acquire a majority stake in Egypt’s Delta Insurance from Egypt Kuwait Holding Company, aiming to expand operations in the Egyptian market.
The Moroccan insurer, a subsidiary of Attijariwafa Bank, offered 40 Egyptian pounds per share, valuing Delta Insurance at 925 million dirhams ($100 million).
Egypt Kuwait Holding Company, holding 63.39% of Delta, agreed to tender its entire stake.
The deal awaits approval from Egypt’s Financial Regulatory Authority.
Wafa Assurance already operates in Egypt’s life insurance market through Wafa Life Insurance Egypt.
The acquisition is intended to boost its presence in a fast-growing market.