Sampo Oyj acquired 30% stake in Hastings Group (Consolidated) Limited from Main Street 1353 Proprietary Limited for ZAR 14.6 billion.
Goldman Sachs International acted as financial advisor to Sampo Oyj. Merrill Lynch South Africa (Pty) Limited acted as financial advisor to Main Street 1353 Proprietary Limited. Webber Wentzel and Linklaters LLP acted as legal advisor to Main Street 1353 Proprietary Limited. The acquisition is estimated to have a negative 14% points impact on Sampo's Solvency II ratio and to increase financial leverage by approximately 1% point. BofA Securities acted as financial advisor to Rand Merchant Bank.
Sampo Oyj (HLSE:SAMPO) completed the acquisition of a 30% stake in Hastings Group (Consolidated) Limited from Main Street 1353 Proprietary Limited on December 8, 2021.