Private equity investor Actis has “substantially” exited from financial services provider, Alexander Forbes Group, offloading 9% of its 13% stake in an oversubscribed offer through the JSE.
Alexander Forbes relisted on the JSE on Thursday.
As part of the exit deal, Marsh & McLennan Companies subsidiary Mercer Africa had agreed to acquire 34% of Alexander Forbes – an investment that would give Mercer an opportunity to broaden its exposure in sub-Saharan African markets.
Mercer would initially acquire a 14.9% stake and, subject to regulatory approvals, a further 19.1% stake; leading to a full exit for Actis and other private equity consortium members who collectively held 54% of the group prior to its listing.
Actis led the $1.2-billion buyout of Alexander Forbes in 2007, in one of the largest and most complex leveraged buyouts undertaken in Africa.