Hastings Insurance planning stake sale
Hastings Insurance Group is considering selling a minority stake in the business, according to reports.
Sky News has claimed the provider is to hold a “beauty parade” of investment banks this week, seeking advisement on the potential sale of an equity stake as well as a bond issue.
Such a deal could value the motor insurer at up to £800m.
According to the report, a stake sale would leave current management in control of the company.
In March 2013 Hastings chief executive Gary Hoffman said that an IPO was not in the pipeline for the insurer.
This statement followed the company’s annual results for
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