Ardonagh Midco 3 PLC The Ardonagh Group Completes Acquisition
07 August 2020 - 2:31PM
RNS Non-Regulatory
Ardonagh Midco 3 PLC
07 August 2020
7 August 2020
The Ardonagh Group Completes Acquisition of Bennetts
Motorcycling Services Limited
The Ardonagh Group ("the Group") today announces that, further
to the announcement on 17 February 2020 confirming that Atlanta
Investment Holdings C Limited, a subsidiary of Ardonagh, has
exchanged contracts in relation to the purchase of Bennetts
Motorcycling Services Limited ("the Company" or "Bennetts"), it has
now completed this acquisition following necessary approvals from
the FCA.
As announced by the UK Competition and Markets Authority (CMA),
the CMA has launched an investigation into the proposed acquisition
by Ardonagh of Bennetts. On [Friday 7 August 2020], the CMA (as
customary) imposed an Initial Enforcement Order ("IEO"), also known
as a 'hold-separate' order on Ardonagh Group Limited and Bennetts
Motorcycling Services Limited (
https://www.gov.uk/cma-cases/ardonagh-group-bennetts-motorcycling-services-merger-inquiry
). The overriding purpose of the IEO is to ensure that Ardonagh and
Bennetts are held separate during the course of the CMA's merger
investigation and that the competitive structure of the markets in
which Ardonagh and Bennetts operate is maintained.
Further announcements on the progress of the IEO will be made in
due course.
-ENDS-
Notes to Editors
The Ardonagh Group is the UK's largest independent insurance
broker with global reach. We are a network of over 100 office
locations and a workforce of nearly 7,000 people. Formed in 2017
and following a series of acquisitions in 2018, Ardonagh today
brings together best-in-class brands including Autonet,
Bishopsgate, Carole Nash, Geo Underwriting, Price Forbes, Swinton,
Towergate and URIS. Our understanding of the communities we serve,
together with our scale and breadth, allows us to work with our
insurer partners to deliver solutions that meet our customer
needs.
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END
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(END) Dow Jones Newswires
August 07, 2020 09:31 ET (13:31 GMT)