Brightside to raise £9m for acquisition
Brightside Group is set to raise £9m via the placing of 36 million new ordinary shares in order to part fund the acquisition of the eCar and eBike insurance brands.
In a Stock Exchange announcement, Brightside said that the acquisition of the policy books, new business and renewal rights of the eCar and eBike insurance brands would be for initial consideration of approximately £15.5m.
It added that the “addition of two complementary personal insurance lines to the group product portfolio increases policies written by the group by over 180,000 annual policy sales”.
Paul Chase-Gardener, chief executive of Brightside, said: "The acquisition of eCar and eBike
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