Norton Rose Fulbright has advised DPI (“Development Partners International LLP”) and AfricInvest, leading Africa-focused private equity funds and DEG, FMO and PROPARCO, the European development finance institutions, on their agreement to sell Assur Africa Holding (“AAH”) to global insurer and asset manager AXA Group.

Following a competitive auction with strong interest from major global insurers, AXA Group will acquire AAH, which has a 77% stake in Mansard Insurance Plc (“Mansard”), a leading Nigerian insurance company. The €198 million transaction is expected to close before the end of 2014.

Bayo Odubeko, a corporate partner in the London office of Norton Rose Fulbright, advised the consortium of sellers. He commented: “We are delighted to advise on this insurance deal which will see AXA Group acquire leading African financial institution Mansard and become the fourth largest insurance player in Nigeria. The West African insurance industry is growing strongly and many global insurers are seeking to deepen their penetration of this dynamic market. More broadly, this deal is indicative of the increasing global interest in the wider African consumer sector.”

Bayo Odubeko advised on the sale of top West African consumer brand Fan Milk International by the Emborg family and Maj Invest Equity to the Abraaj Group in 2013.