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Goldman Sachs Group Inc's Unit Buys 50% Stake In UK Motor Insurer-Reuters


Tuesday, 8 Oct 2013 12:39pm EDT 

Reuters reported that Goldman Sachs Group Inc's unit has bought a 50% stake in privately-held British motor insurer Hastings, in a deal that values the Company at GBP700 million ($1.13 billion). Goldman's merchant banking division (GS MBD) will finance the stake purchase through a mix of equity and new debt financing. The team that led the management buyout of Hastings in 2009 from Insurance Australia Group will retain the other 50%. Evercore Partners EVR.N and Peel Hunt advised Hastings on the deal while Goldman Sachs International acted as financial adviser to GS MBD. 

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