South African Rand Merchant Investment acquires 30% of British insurer Hastings for $645M
Friday, 16 December 2016 09:10
Rand Merchant Investment Holdings, branch of Rand Merchant Bank Holdings, has considerably gained in importance in UK’s insurance sector. It has acquired 30% of Hastings, a British firm that sells motor insurance via price comparison websites. The deal is valued at about $634.61 million.
RMI Holdings offered 255 pence maximum, for each Hastings share, representing a 15% premium on its value to the stock’s close on December 13, 2016.
RMI Holdings has some experience it terms of insurance. It holds a 25% in Discovery (which has an important insurance arm) and MMI Holdings which provides insurance services in South Africa and 10 other countries in the region, including Nigeria. MMI Holdings is also present in the United Kingdom.
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