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Finland's Sampo says has all approvals for Hastings deal

Credit: REUTERS/LEHTIKUVA

Sampo has received all regulatory and antitrust approvals needed for its acquisition of British motor insurer Hastings, the Finnish financial group said on Tuesday.

Oct 27 (Reuters) - Sampo SAMPO.HE has received all regulatory and antitrust approvals needed for its acquisition of British motor insurer Hastings HSTG.L, the Finnish financial group said on Tuesday.

Hastings agreed to be bought in August by Sampo and South Africa's Rand Merchant Investment (RMI) RMIJ.J in a cash deal valuing it at 1.66 billion pounds ($2.16 billion).

"All of the conditions relating to regulatory and antitrust approvals have now been satisfied," Sampo said in a statement.

Sampo will hold 70% of Hastings after a court hearing procedure expected to be held on Nov. 13.

($1 = 0.7673 pounds)

(Reporting by Tarmo Virki in Tallinn; editing by Jason Neely)

((tarmo.virki@thomsonreuters.com; +372 564 4562 ;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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