Metropolitan Life (namibia) Ltd acquired 51% stake in Momentum Life Assurance Namibia Limited from FNB Namibia Holdings Limited (NMSE:FNB) for NAD 370 million on June 21, 2012. Of the total consideration, NAD 28.6 million will remain outstanding as a vendor loan, which will be settled out of certain specifically determined proceeds of the banc-assurance business conducted by Momentum Life Namibia. The purchase price will be funded through Metropolitan International, a wholly-owned subsidiary of MMI Holdings, subscribing for 8 million shares in Metropolitan Life Namibia for a total subscription consideration of NAD 350 million. The deal has been approved by the relevant authorities and is not subject to any suspensive conditions. Webber Wentzel acted as legal advisor to MMI Holdings and Rand Merchant Bank acted as financial advisor to MMI Holdings and FNB Namibia. Metropolitan Life (namibia) Ltd completed the acquisition of 51% stake in Momentum Life Assurance Namibia Limited from FNB Namibia Holdings Limited (NMSE:FNB) on June 21, 2012.