UK-based property and casualty (P&C) insurer, Hastings Group Holdings plc, has received approval from shareholders and regulators to proceed with its acquisition by Sampo Oyj and Rand Merchant Investment Holdings Limited (RMI).
Back in August, Finnish insurer Sampo Oyj and South Africa’s RMI agreed to acquire all of Hastings’ issued and to be issued shares not currently owned or controlled by the pair for approximately £1.66 billion (€1.84 billion).
The acquisition will be carried out by Dorset Bidco Limited (Bidco), a newly incorporated company jointly owned by Sampo and RMI.
Following this agreement, Hastings received approval from the requisite majority of its shareholdings at a court meeting on September 22nd.
Hastings and Bidco further confirmed that all of the conditions relating to regulatory and antitrust approvals have now been satisfied.
Looking ahead, the next steps for the transaction include sanction by the court at the court hearing scheduled to take place on November 13th, as well as the delivery of a copy of the Court Order to the Registrar of Companies.
Due to the current COVID-19 pandemic, it is expected that the Court Hearing to sanction the Scheme will be held remotely. Details of the Court Hearing will be available on the Court service website on the day before the Court Hearing or by contacting [email protected].
After the court sanction, it’s expected that the deal will become effective on November 16th.
