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Update on the purchase of Bennetts  - September 2020

The Ardonagh Group (“the Group”) announces that, further to the announcement on 17th February 2020 and 7th August 2020 confirming that Atlanta Investment Holdings C Limited, a subsidiary of Ardonagh, has completed the purchase of Bennetts Motorcycling Services Limited (“the Company” or “Bennetts”), and on Friday 7th 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 (www.gov.uk/cma-cases/ardonagh-group-bennetts-motorcycling-services-merger-inquiry).

As announced by the UK Competition and Markets Authority (CMA), the CMA has launched an investigation into the proposed acquisition by Ardonagh of Bennetts and effective as of Friday 7th August 2020 the CMA has imposed the IEO. 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. As such, Ardonagh and Bennetts are prevented from sharing information except where strictly necessary in the ordinary course of business, integrating or conducting any joint negotiations (or negotiations on behalf of the other party) or discussions with potential or existing customers and suppliers, among other things, until the CMA has completed its review of the transaction and the IEO ceases to apply. We will inform you once the CMA has completed its review, but until then, please continue to liaise with your usual contacts at Ardonagh or Bennetts, respectively, but being mindful that the two business are operating separately under the terms of the IEO. Further announcements on the progress of the IEO will be made in due course.