Aon SA (Pty) Ltd has been acquired by The Consortium

Aon South Africa (Pty) Ltd (Aon SA), a leading risk management, insurance brokerage, healthcare, retirement funding and actuarial consulting organization, a subsidiary of Aon Corporation, concluded a Black Economic Empowerment (BEE) transaction with Tamela Consortium and a women’s group called Precious Prospects (The Consortium) whereby The Consortium acquired a 25.1% shareholding in Aon’s South African business. The purchase consideration was approximately US$40 million.

Aon SA concluded this transaction as their previous BEE partners/shareholders exited their investment in the company. Aon SA is required to have 25.1% of its shares held by previously disadvantaged persons. This BEE transaction with The Consortium was financed by Aon SA itself (Aon Corporation provided a loan to the Consortium to acquire the shares in Aon SA). A portion of the shareholding, circa 3% held by The Consortium, is allocated to an employee share ownership scheme including historically disadvantaged Aon SA employees.

Representatives of The Consortium will also sit on the board of Aon SA.

Oaklins' team in South Africa was corporate advisor to the seller with respect to the introduction, structuring and capital raising in this transaction.