Mercer, a subsidiary of United States-based professional services firm Marsh & McLennan, has agreed to acquire 34 percent of South Africa-based employee benefits company Alexander Forbes, which is backed by private equity firms Actis and Ethos Private Equity. Mercer will initially acquire a 14.9 percent stake at the time of Alexander Forbes’ listing on the Johannesburg Stock Exchange, scheduled for 24 July 2014, followed by a further 19.1 percent stake at a price linked to the offer price, subject to regulatory approvals. The agreement with Mercer and the planned listing will facilitate the exit of existing shareholders, including Actis and Ethos. Financial details of the transaction were not disclosed.