Aon Kenya has announced a change of ownership of its operations across 10 sub-Saharan countries including Kenya.
The deal announced this week, is believed to have met all regulatory approvals in Kenya, Lesotho, Malawi, Namibia, Uganda and Zambia, and with Aon’s shareholding transferred to Capitalworks, while approvals for the remaining countries expected in the first quarter of 2018.
The company said that the new group will trade as Minet and will become Aon’s largest Global Network Correspondent. Aon employees in these countries as well as key senior leadership, will however remain part of the operations that Capitalworks is acquiring, “ensuring leadership, continuity and stability for clients and colleagues alike.”
Joe Onsando, CEO for Aon sub-Sahara Africa, now Minet Group, said that Minet is poised to benefit from Africa’s growth and that the company would embrace new technology and innovation to expand its footprint in Africa.
Onsando also said that the conclusion of this transaction marked a historic milestone for Africa. “Our industry finally has its own Pan-African player with a diverse African footprint, owned and led by Africans”.
“The time has come for our African team to take the business through a new growth trajectory. This is the beginning of yet another exciting chapter in our business. It is an affirmation of the tireless efforts they have put into building and growing the company over the past 70 years.”
John Cullen, CEO of Aon Risk Solutions in EMEA said: “With Capitalworks we’ve chosen to partner with an investor with a sound understanding of local market conditions, strong governance and operational experience. The combination of Capitalworks’ track record in the region, backed by Aon’s global expertise, leverage and economies of scale will bring clear benefits for our clients.”
Minet Group’s Chairman, and Principal at Capitalworks, Garth Willis, says: “We are excited about investing in a world-class operation which is one of the leading players in Africa. We will be working alongside management to build on the Aon heritage as a trusted partner to clients in protecting the future of their people and assets in Africa.
“We are specifically looking to take advantage of opportunities to find solutions for the various local market needs and securing Africa’s growing middle class. Capitalworks is looking forward to partnering with the Minet management team that has grown the Group to be the largest risk and human capital advisory network on the continent.’’
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