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UPDATE 2-Van hire firm Northgate to buy accident claims handler and ditch CEO

UPDATE 2-Van hire firm Northgate to buy accident claims handler and ditch CEO. * Shares in Northgate fall, Redde's gain (Adds shares, deal details, financial advisers). Nov 29 (Reuters) - Commercial vehicle rental firm Northgate Plc has struck a deal to buy Redde Plc for about 394 million pounds ($505 million) in shares, expanding into accident claims services in an attempt to revive growth. Northgate also announced on Friday the immediate departure of its chief executive, Kevin Bradshaw, who will be replaced by Redde's CEO Martin Ward when the deal closes. Northgate did not give a reason for Bradshaw leaving. After closure of the deal, Northgate shareholders will own 54% of the combined company, while 46% will be held by Redde shareholders, the companies said. Northgate, which operates in the United Kingdom, Ireland and Spain with a fleet of around 100,000 vehicles, will add Redde's fleet of about 7,000 vehicles and have access to 50,000 more though its rental partnerships.

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