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Discovery to fully own Prudential Health

Nov 10 2014 13:58
Reuters

(Shutterstock)

Company Data

DISCOVERY LIMITED [JSE:DSY]

Last traded 91
Change 5
% Change 6
Cumulative volume 1774725
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Discovery [JSE:DSY] said on Monday it would spend $246m to purchase the 25% stake in Britain's Prudential Health Holdings it did not already hold.

Discovery, which initially got into the UK business through a joint venture with Prudential Assurance Company, said it would partly fund the acquisition through debt.

The UK operation, ranked number four in the private health insurance market, is targeting £1bn of earned premiums and £200m of new business over the next five years.

Discovery's shares were up 3.36% at R103.54 by 13:55, outpacing a 0.62% rise by the JSE's Top-40 index.

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