5th Oct 2016 06:17
LONDON (Alliance News) - Barclays Bank PLC on Wednesday said a group of investors in FTSE 250 motor insurer Hastings Group Holdings PLC are to sell a 7.0% stake in the company via a share placing.
Barclays said the group of investors selling the shares comprises Hastings Investco Ltd - controlled by Goldman Sachs Merchant Banking Division, Edward Fitzmaurice, Narmali Utley and Keith Charlton - Neil Utley, The Utley Family Charitable Trust and Richard Brewster.
The group of investors has agreed to sell a total of 46.2 million shares in Hastings at 216.00 pence per share, making the transaction worth around GBP99.8 million. Hastings shares closed at 228.50p on Tuesday.
The placing is being lead managed by Peel Hunt LLP, with Goldman Sachs International, Barclays Bank and Credit Suisse Securities (Europe) Ltd as joint bookrunners and is set to close on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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