Liberty to acquire remaining shares in health business - CNBC Africa

Liberty to acquire remaining shares in health business

Southern Africa

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Liberty Holdings is a financial services group. PHOTO: Getty Images

The aggregate purchase consideration for the transaction is expected to be approximately 134 million rand and would take effect from the date of payment of the purchase price.

“Liberty Health is a provider of healthcare solutions for corporate clients, medical schemes and individuals. Its services include short-term medical insurance, medical risk management, healthcare administration and health-based IT systems,” [DATA LBH:Liberty] said.

(READ MORE: Liberty’s 2013 financial results one of their best)

The South African financial services group currently holds 74.9 per cent of the total issued shares in Liberty Health and NHA Trust holds the remaining 25.1 per cent.

“Liberty is of the view that it would be beneficial for it to be a 100 per cent owner of Liberty Health as it would allow for greater flexibility and enable Liberty Holdings to restructure Liberty Health in a manner that would be beneficial to Liberty,” it added.

According to Liberty, the proposed transaction remains subject to the fulfilment of the condition precedent that by no later than 31 July 2014, all approvals required in terms of the Competition Act for the implementation of the sale agreement shall have been granted.