South Africa's Discovery to buy out Prudential's stake in U.K. venture Prudential Health

Discovery office in Sandton City, South Africa

Discovery Ltd. (DSY), owner of South Africa’s largest medical-insurance administrator, agreed to buy the 25 percent of the U.K.’s Prudential Health it doesn’t already own for 155 million pounds ($246 million).

Discovery will buy out London-based partner Prudential Plc (PRU), the U.K.’s largest insurer by market value, and plans to fund the deal with a combination of internal resources and debt, the Johannesburg-based company said in a statement today. The South African insurer is targeting 1 billion pounds of earned premiums and 200 million pounds of new business from U.K. operations over the next five years.

Read more: Discovery of South Africa to Buy Out Prudential in U.K. Venture – Bloomberg.