Sampo has signed an agreement with Rand Merchant Investment Holdings (RMI) to acquire full ownership of UK insurer Hastings.
Under the terms of the agreement, Sampo will pay GBP 685 million for RMI’s 30 per cent minority interest in Hastings and the option held by RMI to acquire 10 per cent of Hastings’ share capital from Sampo by May 2022.
Combined with the initial acquisition in November 2020, the agreement implies that Sampo will pay a total of GBP 1,851 million for 100 per cent of the share capital.
Goldman Sachs International has acted as financial advisor to Sampo plc in connection with this transaction.
Torbjörn Magnusson, CEO and President, Sampo Group said: “Since completing the acquisition of Hastings in November 2020, I have been ever more impressed by the high quality of its operations and personnel. I am delighted that we have had the opportunity to take our ownership to 100 per cent.
“As the sole owner of Hastings, Sampo will gain full control of strategy, governance and capital management, enabling more agile decision making and frictionless knowledge sharing with If P&C.
“I look forward to working even closer with Hastings to execute on its strategic initiatives and capitalising on its strong position in the digital UK P&C insurance market, Magnusson continues.”