OUTsurance Sale Of OUTvest Proprietary Limited To Alexforbes

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9 November 2023
OUTvest is a wholly owned subsidiary of OUTsurance Holdings Limited (OHL) which is an 89.8% subsidiary of the JSE listed OUTsurance Group (OUTsurance).

Following a strategic review of OUTvest earlier in 2023, we are pleased to announce that OUTsurance Holdings has concluded a binding agreement with Alexforbes for Alexforbes to acquire 100% of the shares in OUTvest, subject to certain conditions precedent which include regulatory approvals. The effective date of the acquisition will be dependent on the fulfilment of all conditions precedent and is expected to occur towards the end of March 2024.

Alexforbes is a leading South African financial services group that provides individuals, employers and retirement funds with unique, integrated and independent advice, retirement, investment and healthcare solutions, as well as employee benefit solutions. Alexforbes is a pillar of the investment management industry and is focused on enhancing its customer experience and amplifying the impact it has on people’s lives. The business is 88 years old and serves approximately  1.3 million members with over R450 billion in assets under management and administration.

Danie Matthee, CEO of OUTsurance, states: “Alexforbes is a significant player with a strong track record in the South African investment landscape. We are confident that a business of this stature will be a good fit for the OUTvest investment platform to ensure its full potential is realised.”

Dawie de Villiers: “The acquisition and integration of OUTvest into our rapidly transforming digital ecosystem will accelerate our group’s ambitions to serve retail customers. We look forward to unleashing the platform’s ability to deliver financial inclusion across our member base.”

OUTvest and Alexforbes will collaborate to ensure a seamless transition and minimise disruption for customers, employees and suppliers of OUTvest.

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