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Wafa Assurance has agreed to acquire a majority stake in Egypt’s Delta Insurance from its current owner Egypt Kuwait Holding Company, as it targets an expansion of its operations in the Egyptian market, it said on Monday.

Wafa Assurance, a subsidiary of Morocco’s top lender Attijariwafa Bank, offered a price of 40 Egyptian pounds per share in a deal that values the Cairo-listed company at 925 million dirhams ($100 million), it said in a statement. (Editor’s note: provides both life insurance and property/casualty re/insurance).

Egypt Kuwait Holding Company, which holds 63.39% of Delta, has agreed to tender its entire stake under the terms of the offer, Wafa Assurance said.

The deal is pending the approval of Egypt’s Financial Regulatory Authority, it said.

Casablanca-listed Wafa Assurance already operates in Egypt’s life insurance market through its subsidiary Wafa Life Insurance Egypt.

It said the acquisition would expand its operations in a fast-growing market with strong growth potential.

(Reporting by Ahmed Eljechtimi; editing by Jan Harvey)