Hastings Group gains regulatory approval for sale of 30% stake
Insurer Hastings Group has announced that the proposed acquisition of a 29.9% stake in the company by South Africa’s Rand Merchant Investment Holdings for up to £499.5m has gained regulatory approval.
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The sale of the stake in Hastings gained regulatory approval from the Financial Surveillance Department of the South African Reserve Bank, the UK Financial Conduct Authority and the Gibraltar Financial Services Commission.
The 29.9% stake will be sold at a price per share between 248p and 255p, or between £487.3m and £499.5m and is expected to close on 1 March.
Following completion of the deal, Rand Merchant be able to nominate its chief executive Herman Bosman as a director on Hastings’ board.
Shares in Hastings Group were down 0.87% to 228.80p at 1019 GMT.