Compagnie d'Assurances et de Réassurance ATLANTA (CBSE:ATL) agreed to acquire remaining 0.34% stake in Sanad Insurance for MAD 6.1 million on June 1, 2020. Under the terms of the agreement, Atlanta will absorb Sanad on the basis of an exchange rate of 11 Atlanta shares for 1 Sanad share by creating 93,159 new shares. In 2019, Sanad Insurance reported total assets of 8.57 billion, net assets of MAD 970.8 million. The transaction is subject to the approvals of the Supervisory Authority of Insurance and Social Welfare (ACAPS) and the Moroccan Capital Market Authority. It must also obtain the approvals of the Extraordinary General Meetings (EGM) of Sanad and Atlanta to be held on September 25, 2020 and approval by The Casablanca Stock Exchange. The proposed merger between Atlanta and its subsidiary Sanad was filed with the registry of the commercial court of Casablanca on August 12, 2020. The Moroccan Capital Market Authority (AMMC) approved this transaction on September 10, 2020. This transaction is expected to be effective by the end of September 2020. Younes Maleh and Hicham Naciri of Naciri & Associés Allen & Overy acted as legal advisor to Groupe Holmarcom. Société Générale Marocaine de Banques and CDG Capital S.A. acted as financial advisors to ATLANTA. Compagnie d'Assurances et de Réassurance ATLANTA (CBSE:ATL) completed the acquisition of remaining 0.34% stake in Sanad Insurance on September 28, 2020. The merged company is AtlantaSanad Assurance. Sanad and ATLANTA's Shareholder approval followed at the Extraordinary General Meeting on September 25, 2020.