Morocco's Wafa Assurance to acquire Egypt's Delta Insurance for $100m

Morocco's Wafa Assurance has agreed to acquire a majority stake in Egypt's Delta Insurance for 925 million dirhams ($100 million), valuing the Cairo-listed company at 40 Egyptian pounds per share. The deal aims to expand Wafa Assurance's operations in the Egyptian market, where it already operates in the life insurance market through its subsidiary Wafa Life Insurance Egypt. The acquisition is pending approval from Egypt's Financial Regulatory Authority.