The financial services group announced today that it has entered into an agreement to buy 100 percent of Prescient Life.
According to Fatima Vawda, CEO of black-owned financial services group 27four, the company’s intended purchase of 100 percent of Prescient Life from Prescient Holdings will put it on a new path; one that will see it become a diversified financial services firm. 27four already owns an asset manager, wealth management business, umbrella fund and collective investment scheme management company.
27four said in a statement that it has ambitious plans to grow the Prescient Life book, and that this growth will help “generate a sustainable business that benefits from significant economies of scale”.
“The acquisition of Prescient Life is seen as a key strategic development in providing access to the means of conducting business and delivering on 27four’s ambitious growth expectations. The acquisition will enhance 27four’s reputation as a leading Black participant within the sector and allow the company to leverage its position to further support the broader participation of Black people and Black-Owned companies within the sector.”
Since 27four and Prescient already do business together, the deal makes logical sense. According to Vawda, 27four has been renting Prescient’s life licence for 10 years already. The timing was also fortuitous – 27four looking to buy a licence and Prescient considering the future of its business.
While the deal is still subject to regulatory approval and certain suspensive conditions, 27four anticipates that it will be finalised by the beginning of August.