South African firm buys some Aon African operations

Posted On: Nov. 8, 2017 4:53 AM CST

Aon is selling its stake in firms in several African countries, including Kenya./ Shutterstock

South Africa-based equity firm Capitalworks Investment Partners (Pty.) Ltd. has acquired U.K.-based insurance broker Aon P.L.C.'s operations in 10 sub-Saharan African countries, BusinessDay reported. The deal was finalized on Nov. 3, with the launch of a new firm named Minet Group in Kenya. Capitalworks has obtained regulatory approvals in Kenya, Lesotho, Malawi, Namibia, Uganda and Zambia, while approvals for Mozambique, Angola, Swaziland and Tanzania are expected in 2018. Joe Onsando, chief executive of Aon's operations in sub-Saharan Africa, would continue as CEO of Minet Group.