Investment company completes shares deal

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A FAREHAM investment company has completed a deal to increase its stake in a portfolio company by paying £23m cash and issuing 325m shares.

Quindell told investors its stake in insurance business Himex has risen from 66 per cent to 85 per cent.

Himex Group is working with three of the top 20 US insurers and in pilots with a further four, as well as being in joint work in the UK and in Canada.

The company also said its investment in black box car insurance specialist Ingenie has risen to 49 per cent.

In a statement, the company said: ‘The transaction ensures that the group can fully leverage the unique market lead it has been establishing in the UK, Canada and the US.

‘It also helps maximise the potential from the significant traction that the group is seeing in continental Europe. In addition, it ensures it possesses all the key components to support the distribution arrangement for key territories within Asia and the Middle East which has also now been completed and which it is anticipated will provide a significant first mover advantage in these markets.’