Debevoise & Plimpton LLP is advising Prudential Financial which, in partnership with LeapFrog Investments, has announced its intention to acquire a strategic minority interest in Alexander Forbes Group Holdings Limited, a leading provider of financial advice, retirement, investment, and holistic wealth management services in South Africa.
The transaction builds upon Prudential Financial’s partnership with LeapFrog Investments to access high-growth financial services markets in Africa and deliver essential financial tools to emerging consumers. Since 2016, Prudential Financial and LeapFrog Investments have invested in high-quality market leaders across the African continent, including Enterprise Group in Ghana and ICEA LION in Kenya.
The transaction is subject to regulatory approvals and other customary closing conditions. LeapFrog’s appointment as investment manager is subject to approval by the Mauritius Financial Services Commission.
For full details, see the official press release here.
The Debevoise team advising Prudential Financial is led by partner Geoffrey Burgess, and included international counsel Benjamin Amos, and associates Clémentine Coudert, Louis Liu, Clarissa McNerney, and Zachary Sosah. Tax advice was provided by partner Peter Schuur, associate Robert Nelson-Sullivan, and law clerk John Nelson. Compliance advice was provided by partner Andrew Levine and counsel Erich Grosz. Employment advice was provided by partner Franklin Mitchell. ENSAfrica, led by partner Witness Makhubele, acted as local co-counsel.