Carey Olsen has acted in a significant acquisition and financing deal by Goldman Sachs and affiliates to buy UK motor insurance company Hastings Insurance Group.
With 1.3 million customers, the group’s brands include Hastings Direct, People's Choice, Insure and Renew. The acquisition will be financed through a mix of equity and a bond issuance putting the group's value at around GBP700m.
The team from Carey Olsen advised Hastings on the Jersey legal aspects of the transaction. Corporate partner James Mulholland led the team which included partners Mike Jeffrey (mergers and acquisitions) and Simon Marks (financing), senior associates Matthew Ecobichon and James Willmott and associate Katherine Tresca. Carey Olsen supported Kaye Scholer and Kirkland & Ellis who provided English and US legal advice to Hastings on the transaction.
Mulholland says: "We have had a great working relationship with Hastings for some time. This is a significant deal involving a major player on the UK insurance market. Importantly, it is good to see the high yield bond market embracing this transaction. Goldman Sachs will be a key partner to Hastings during its next development phase.”
