Sampo Oyj (HLSE:SAMPO) signed an agreement to acquire a 30% stake in Hastings Group (Consolidated) Limited from Main Street 1353 Proprietary Limited for ZAR 14.6 billion on December 8, 2021. Under the terms of the agreement, the option held by RMI to acquire 10% of Hastings' share capital from Sampo by May 2022. will pay ZAR 71.42 (£3.426) for each share and will acquire 199.9 million shares. Consideration will be funded through internal cash resources. Based on the operation of the applicable provisions in the Income Tax Act, RMI does not envisage any tax (capital gains tax or otherwise) consequences to arise for Main Street in relation to the Sale. The transaction is expected to occur on December 8, 2021, on payment of the purchase consideration to RMI.

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.