Broadly, the transaction involved the review and negotiation of back-to-back agreements relating to (a) the sale, by certain of the existing shareholders in the financial services business, of their majority equity stake to a subsidiary of Sanlam for a total of R8mn; (b) the purchase, from the subsidiary of Sanlam, by the remaining shareholders of a large equity stake such that the remaining shareholders obtained a controlling interest in the company; and (c) the entry by the remaining shareholders and the subsidiary of Sanlam into a comprehensive Shareholders' Agreement.
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