EU Approves €1.3B Overseas Takeover Of Insurer Hastings

Law360, London (October 23, 2020, 2:08 PM BST) -- The European Commission has cleared the acquisition of U.K.-based insurer Hastings Group Holdings by Finnish financial services company Sampo PLC and a South African investment holding company in a deal that was advised by Freshfields Bruckhaus Deringer LLP and Allen and Overy LLP.

Details of the acquisition were fleshed out in an August announcement by Sampo, which stated the cash offer for Hastings and priced the deal at €1.3 billion ($1.54 billion). Sampo would take a majority stake alongside Rand Merchant Investment Holdings Ltd, which could become the minority shareholder

"The commission concluded that the proposed acquisition would raise no competition concerns, because...

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