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Old Mutual boosts stake in Kenyan insurer UAP

Reuters - UK Focus

Jan 26 (Reuters) - Old Mutual Plc (Other OTC: ODMTY - news) said on Monday it had bought another 37.3 percent in UAP Holdings, taking its stake in the Kenyan insurer to 60.7 percent.

The Anglo-South African financial services company will pay about $155.5 million in cash for the stake bought from the Abraaj Group, AfricInvest and Swedfund, it said in a statement.

The deal is expected to complete during 2015 and will be funded from existing group resources.

"The majority stake we have secured in UAP, combined with the existing Old Mutual businesses in Kenya, will provide the Group with the scale and product breadth to capitalise on the significant growth expected in the region," the firm said.

Earlier this month, Old Mutual bought a 23.3 percent stake in UAP for $97.6 million. (Reporting by Nishant Kumar in London; editing by Susan Thomas)