leadf
logo-loader
viewHastings Group Holdings PLC

Goldman Sachs to sell off a 7% stake in Hastings Direct

An investor group – headed by Goldman Sachs – will sell 46mln shares via a placing, raising just shy of £100mln in the process

a car crash
Shares in the motor insurance firm have gained more than 30% in the year-to-date

A Hastings Group Holdings PLC (LON:HSTG) investment group headed by Wall Street giant Goldman Sachs has told the market it is selling off a 7% stake in the motor insurance business.

Hastings Investco Limited currently owns around 58% of the motor insurer’s shares but plans to reduce this to nearer 51% through a share placing.

The investors are selling 46.2mln shares at a price of 216p, a few pence short of today’s opening, valuing the transaction at around £100mln.

Alongside Goldman Sachs Merchant Banking division, Hastings Investco comprises non-executive directors Richard Brewster and Edward Fitzmaurice, as well as former director Keith Charlton.

Neil Utley, who masterminded the management buyout of the business back in 2009, is also one of the investors.

Hastings Group – based around the seaside town of the same name – has enjoyed a strong 2016, with the share price rising by nearly a third in the year-to-date.

The company itself will not receive any of the funds generated.

Shares dropped 4%, or 10p, to 219p.

Quick facts: Hastings Group Holdings PLC

Price: - GBX

LSE:HSTG
Market: LSE
Market Cap: -
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Diversified Gas & Oil reveal 'positive results all around' in 2020 thanks to...

Diversified Gas & Oil PLC's (LON:DGOC) CEO Rusty Hutson talks to Proactive London's Katie Pilbeam about their 'resilience' shown in 2020 performance. Despite the volatile environment of 2020, Hutson highlights their value-accretive growth, operational excellence, cost discipline, and risk...

8 minutes ago

2 min read