Sanlam to acquire Santam in full buyout and delisting

Sanlam has launched a definitive bid to acquire full ownership of Santam, offering a cash buyout of ZAR505 per share. This represents a 26.6% premium over Santam’s market price of ZAR399 at the time of the announcement. If approved by regulators and shareholders at the general meeting on 30 November 2026, the deal will result in Santam being delisted from the Johannesburg Stock Exchange (JSE), the Namibian Stock Exchange (NSX), and A2X.

Sanlam, which already holds approximately 63% of Santam, intends to integrate the short-term insurer as a wholly owned subsidiary to simplify its corporate structure and reduce listing costs. Sanlam Group CEO Paul Hanratty described the move as a natural progression of a century-long partnership.

The delisting is expected to impact the Namibian Stock Exchange significantly, as Santam has accounted for 5.15% of the NSX’s total equity turnover so far in 2026. Combined with Sanlam, the two entities have contributed 16.53% of the exchange’s equity turnover this year.