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South Africa's Discovery to fund half of $246 million Prudential purchase with debt

Published 10/11/2014, 11:54
Updated 10/11/2014, 11:54
South Africa's Discovery to fund half of $246 million Prudential purchase with debt

JOHANNESBURG (Reuters) - South Africa's Discovery (J:DSYJ) will raise debt worth about half of the $246 million (154.61 million pounds) it needs to acquire full ownership of Prudential Health Holdings, its chief executive said on Monday.

"At this stage, about 50-50 and this will be entirely onshore," Adrian Gore told analysts when asked about the split between debt and internal resources in funding the purchase.

South Africa's biggest health insurer is buying the remaining 25 percent stake it does not already hold in its UK joint venture with Prudential Assurance Company.

(Reporting by Helen Nyambura-Mwaura; editing by David Dolan)

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