Imperial Agrees to Sell Regent Insurance Unit for $164 Million

 In news

Imperial Holdings Ltd., owner of South Africa’s biggest car dealership network, agreed to sell its Regent Insurance unit to Hollard Insurance Co. Ltd. for 2.3 billion rand ($164 million).

“While the business of Regent has grown strongly since its establishment, a large, fast-growing portion of Regent’s revenue and profits are unrelated to the Group’s core vehicle and logistics businesses,” the Johannesburg-based company said in a statement on Tuesday.

Regent sells insurance policies in South Africa, Botswana and Lesotho. Proceeds from the sale will go toward expansion and reducing short-term debt, Imperial said.

Imperial shares gained 0.7 percent to 171.23 rand as of 12:22 p.m. in Johannesburg, valuing the company at 34.6 billion rand. Source: Bloomberg


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