Rand Merchant buys 30% stake in Hastings
SA’s Rand Merchant Investment Holdings (RMI), which has a majority stake in OUTsurance, has bought a 30% stake in UK-based insurer, Hastings, which sells car insurance through price comparison websites. The company listed a little over one year ago.
Hastings said in a statement that Investco, its main shareholder, along with other individual shareholders, are together selling some 30% of the firm to RMI, the deal estimated to be worth around $634.6 million.
In a separate statement, the firm said that the acquisition meets RMI's objectives of "diversifying geographically, adding a significant traditional financial services business alongside its existing portfolio". Hastings, meanwhile, has said it welcomes RMI's investment.
The deal makes RMI Hastings' biggest shareholder. As part of the transaction, Herman Bosman (pictured), RMI's CEO, has been appointed to the Hastings board.