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S.Africa's Rand Merchant buys stake in UK's Hastings Group
December 14, 2016 / 3:06 PM / 9 months ago

S.Africa's Rand Merchant buys stake in UK's Hastings Group

Dec 14 (Reuters) - South Africa’s Rand Merchant Investment Holdings Ltd said it bought a stake of about 30 percent in UK insurer Hastings Group Holdings Plc in a deal worth between 487.3 million pounds ($618.87 million) and 499.5 million pounds.

As part of the deal, which makes Rand Merchant the biggest shareholder in Hastings, Rand Merchant’s Chief Executive Herman Bossman has been named to Hastings’ board. ($1 = 0.7874 pounds) (Reporting by Vidya L Nathan in Bengaluru; Editing by Martina D‘Couto)

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