The Mauritius Union Assurance Company Limited (MUSE:MUA) signed a sale and purchase agreement to acquire Phoenix Transafrica Holdings Limited for $21.8 million on October 3, 2013. The transaction will be party financed from MUA's own resources together with a rights issue. The Board of Directors of Mauritius Union Assurance Company approved the transaction. The deal is subject to certain conditions, including but not limited to receipt of relevant third party, antitrust and regulatory approvals. Sebalu & Lule Advocates acted as legal advisor for The Mauritius Union Assurance Company Limited.

The Mauritius Union Assurance Company Limited (MUSE:MUA) completed the acquisition of Phoenix Transafrica Holdings Limited on May 30, 2014.