This is going to be a long and very complex merger.
First UAP and Old Mutual Insurance are going to combine their operations in areas/countries where operation is similar.This will result in some loss of customers and some employees retrenched.Some of the business units UAP was operating and which are not aligned to Old Mutual strategy will be dropped.
Secondly Old Mutual Kenya Group will be transformed into a non-operating holding company so as to incorporate the banking business and other non-insurance entities.
There will be share swaps so that persons with shareholding in the present UAP Group will be swapped with shares in the non-operating holding company.
Nedbank which is owned by Old Mutual Group will take over Faulu bank thereby gaining entry into the kenyan market.Nedbank will be the banker for the various entities under the Old Mutual Kenya Group.
The shareholders in Faulu Bank who own the shares not owned by Old Mutual will be offered shareholding in the holding company in exchange of Old Mutual Kenya Group and Nedbank taking over the bank fully.
In the end we will have Old Mutual Kenya Group with the following entities under it;
Old Mutual General Insurance Kenya Ltd
Old Mutual Life Assurance Kenya Ltd
Old Mutual Asset Management Kenya Ltd
Nedbank Kenya formerly Faulu Bank
Old Mutual Kenya International which will own the regional entities in Uganda,Tanzania,South Sudan,Rwanda,DRC.

After the above merger is completed is when the group can now list in the NSE in the mentioned date of 2018.

@TheGeek
For Panafrica Gateway deal that one is very straight forward.Pan Africa Insurance Holdings acquired Gateway insurance to enable it venture into General insurance with ease.
The structure of Pan Africa Insurance Holdings therefore has the following entities;
Pan Africa Life
Pan Africa General Insurance formerly Gateway
Pan Africa Asset Management
Sanlam has a 58% stake in Pan Africa Insurance Holdings therefore no share swaps.

@ all forgot to add under the Old Mutual Kenya Group the below entity;
Old Mutual Securities which is the stock brokerage arm

Thanks @Ericson.

@enyands take your time to study the transactions and understand before buying.

M&As/restructurings are done by very smart people negotiating for smart money. Smart money always wins.

DJ screwing of old mutual will be passed on to Wanjikus upon listing.

I remember the CFC & Stanbic merger that enabled Standard Group to list in NSE.

Some poor souls bought CFC Bank at 600 up from around 200 when the merger was announced. This prompted NSE to adopt the 10% per day rule.

After a series of swaps, counter-swaps, issuance of news shares, undisclosed cash payments to Njonjo/Kiereini axis, CFC Stanbic Bank (the listed entity) was left with a goodwill of KES 13B in its books.

Now step back and look at this figure of KES 13B. It represents cash payments to somebody without a corresponding exchange of tangible assets. The amount is directly amortised against the profit of CFC Stanbic (and you wonder why CFC has a bigger balance sheet than NIC and DTB but can't match their profits).

Looking at CFC Stanbic Bank financial over the years, it is easy to see that existing assets were overstated, imaginary assets paid for and Wanjiku left to foot the bill, all within the law.
CHUNGA SANA.

As a layman two things :
1. Where dj has stepped is dangerous coz he shafts big
2. Hii ni moto ya kuotea mbali for now till they have a clear direction

@Erricson When was that 10% rule per day adopted? I am new in NSE I would like to know.