Norton Rose Fulbright has advised Prudential on its acquisition of 100 per cent of the equity of Express Life Insurance Company  in Ghana. The acquisition marks the entry of Prudential into the fast-growing but nascent African life insurance industry.

Founded in 2009, Express Life provides savings and protection products to thousands of Ghanaians. The acquisition is part of Prudential’s strategy of pursuing long-term opportunities in emerging markets with robust economic growth and an expanding middle class.

Express Life is 78 per cent owned by LeapFrog Investments, an Africa- and Asia-focused private equity firm, with the remaining equity held by the company’s founder, Mr Obed Danquah.

Partners Glenn Hall and Maria Ross led on the transaction. Glenn comments:

“We are delighted to have advised Prudential on this landmark transaction in the life insurance sector.

“In recent months we have seen the continued rise in consumer led business transactions in Africa. With the rising consumer class in the region, this trend is likely to continue.”

The Norton Rose Fulbright team also comprised Dominic Stuttaford, Monique Fry and Owen Ross.

The transaction is subject to regulatory approval and is anticipated to close in the first quarter of 2014.

Jones Day advised LeapFrog.