Willis Europe, a division of Willis Group Holdings said that it has concluded a transaction whereby group's South African subsidiary, has acquired 22.5% of the equity in Amabubesi Consulting Services (ACS), a specialist employee benefits consulting business.
ACS belongs to the Amabubesi Group, a South African investment company that acquired 26% of Willis South Africa in August 2009.
As part of the first transaction, Amabubesi has the option to increase its shareholding to 32.5% within a three-year period from the closing of the 2009 agreement.
The latest transaction, which will enhance Willis’ employee benefits business and further strengthen the broker’s position in terms of South African equity legislation.
As part of the new deal, Peter Moyo, executive director of Amabubesi, and Ndivhuwo Ravele, former CEO of ACS, have joined the board of Willis South Africa as non-executive directors; and Ryck Genis, CEO of Willis South Africa, joined ACS board.
Moyo said the vision is to partner with first league players and management teams with a credible track record. As South Africa continues to grow and become an increasingly important player in the global economy, local and international companies will need world-class risk management to take advantage of significant opportunities here in sectors like construction, mining, manufacturing and aviation.
"For this reason, they will look to partner with a broker like Willis, which has strong local roots and expertise, backed by extensive global resources. We look forward to working with Willis to build on their success in South Africa," Moyo said.