British American Investments Company (Kenya) Limited entered into a preliminary agreement to acquire 99% stake in Real Insurance Company Limited (Kenya) for KES 1.5 billion in cash and stock on November 22, 2013. British American Investments Company (Kenya) Limited entered into a sale and purchase agreement to acquire 99% stake in Real Insurance Company Limited (Kenya) on December 9, 2013. As consideration, Britam will issue stock for 40% stake and cash for the remaining 59% stake. KES 825 million will be paid in cash and British American Investments will issue 51.9 million in shares. The transaction is subject to signing of a definitive share purchase agreement and receipt of regulatory and shareholders' approvals. Extraordinary general meeting to approve the deal is slated for February 19, 2014, with the transaction expected to be complete by March 31, 2014. As of June 11, 2014, the transaction is expected to complete by the end of June. For the year ended December 31, 2012, Real Insurance Company posted net income of KES 72.49 million, total assets of KES 4.2 billion and net assets of KES 652 million. The deal is subject to approval of regulatory bodies, shareholders of British American Investments Company and signing of an agreement.

PricewaterhouseCoopers Kenya acted as accountant, Pacifis Advisory Limited and PricewaterhouseCoopers Corporate Finance (Pty) Ltd. acted as financial advisor, Daly & Figgis, FB Attorneys, Ferreira Rocha Advogados and Savjani & Co acted as legal advisor to British American Investments Company. Pacifis Advisory Limited was paid KES 16.6 million as fees.