Wafa Assurance launches takeover bid to acquire Delta Insurance

Wafa Assurance has submitted a mandatory tender offer (MTO) to Egypt's Financial Regulatory Authority (FRA) on 10 June 2025 to acquire a controlling stake in Delta Insurance.

The takeover bid concerns the acquisition of at least 51% of the Egyptian insurer’s capital at a price of 40 EGP (0.8 USD) per share, valuing all the company's shares at 5 billion EGP (100.5 million USD).

As part of the deal, Egypt Kuwait Holding Company, which holds a 63.39% majority stake in Delta Insurance, has committed to selling its entire shareholding.

The transaction remains subject to regulatory approval in both Egypt and Morocco. Through this move, the Moroccan insurer aims to bolster its presence in Egypt’s insurance market, where it already operates through its subsidiary, Wafa Life Insurance Egypt.

As a reminder, Wafa Assurance and French group AXA were both contenders for the acquisition. However, AXA withdrew its offer on 26 May 2025.