Marsh & McLennan to Buy 34% of Alexander Forbes of South Africa

Julio Portalatin, CEO, Mercer

Marsh & McLennan Cos (MMC) will buy a 34 percent stake in South Africa‘s Alexander Forbes Ltd. (AFB) as Africa’s largest independent pension-fund manager prepares to sell shares on the Johannesburg Stock Exchange next month.

Mercer Africa Ltd., a subsidiary of New York-based Marsh & McLennan, the biggest insurance broker by market value, will buy 14.9 percent of Alex Forbes at the time of the initial public offering and a further 19.1 percent after regulatory approvals, the Johannesburg-based company said today in an e-mailed statement.

Read more: Marsh & McLennan to Buy 34% of Alex Forbes of South Africa – Bloomberg.