Hastings valued at £700m as Goldman Sachs buys 50%
Hastings Insurance Group has agreed to sell 50% of its voting share capital to Goldman Sachs Merchant Banking Division (GS MBD).
The deal values Hastings at £700m and will be paid for through a mixture of equity and new debt financing.
Hastings underwent a management buyout in 2009 and recently delivered GWP of £444.1m with adjusted Ebitda of £83.3m for the year to 30 June 2013.
The company confirmed that the team that led the management buyout will retain a 50% stake in the business, whilst existing management, led by chief executive Gary Hoffman, will also remain invested in the group.
Journey
Hoffman, said: "GS MBD's
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