Goldman Sachs Nabs $562M Stake In British Motor Insurer

Law360, New York (October 8, 2013, 7:56 PM EDT) -- Goldman Sachs' merchant banking division has struck a deal to take up a stake worth about £350 million ($562 million) in British car insurer Hastings Insurance Services Limited, the companies announced Tuesday.

Per the deal, which is pending regulatory approvals, Goldman Sachs will use a mix of equity and debt to buy up a 50 percent stake in Hastings, according to a statement. The other half of the company will be held by management, which had taken the insurance broker private in a 2009 buyout....
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