Abraaj Capital Sinks $125M Into African Insurer

Law360, New York (March 8, 2012, 11:42 AM EST) -- Middle Eastern private equity firm Abraaj Capital will invest $125 million in Morocco-based insurer Saham Finances to back its expansion through West Africa, where few people have insurance, the firm said late Wednesday.

Abraaj will take a significant stake in Saham, which has more than 5 million customers through three subsidiaries across 10 countries in French-speaking West Africa.

It is the second financial services pickup in the past month for Abraaj, the Middle East's biggest private equity firm by assets. In February, it bought Aureos Capital,...
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