The Tribunal has approved, with conditions, the large merger whereby Swanvest 120 (Pty) Ltd (a wholly owned subsidiary of Santam Limited) (“Swanvest”) intends to acquire additional issued share capital in Indwe Broker Holdings (Pty) Ltd (“Indwe”).
 
The conditions imposed by the Tribunal involve investment towards the development of HDP Brokers. “HDP” means historically disadvantaged person, as defined in section 3(2) of the Competition Act. “HDP Broker” means an HDP intermediary who sells, solicits or negotiates short-term insurance on behalf of a client for compensation.
 
The acquiring group provides long and short-term insurance. Of relevance to this transaction, is the acquiring group’s activities under the Short-Term Insurance Act, No. 53 of 1998 (STIA). The target group is a provider of short-term insurance broker services and is a STIA broker that offers STIA cover from various STIA insurers.
 
A detailed press release will follow in due course.