LONDON (Reuters) - A Goldman Sachs
Goldman's merchant banking division (GS MBD) will finance the stake purchase through a mix of equity and new debt financing, the companies said on Tuesday. The team that led the management buyout of Hastings in 2009 from Insurance Australia Group
Hastings reported earnings before interest, tax, depreciation and amortisation of 83.3 million pounds for the year to the end of June. Hastings had 1.3 million customers at the time, it said.
The deal comes after the recent flotations of insurers Direct Line
(Reporting by Brenda Goh; editing by Kate Holton)