The Anglo-South African financial services company will pay about 155.5 million dollars in cash for the stake bought from the Abraaj Group, AfricInvest and Swedfund, it said in a statement.
(READ MORE: Old Mutual will consider raising India joint venture stake: CEO)
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, [DATA OML:Old Mutual] bought a 23.3 per cent stake in UAP for 97.6 million dollars.