Saga Plc's largest shareholder to sell entire stake
Reuters
Published Apr 21, 2016 17:26
Saga Plc's largest shareholder to sell entire stake
(Reuters) - British travel and insurance company Saga Plc's (L:SAGAG) largest shareholder, Acromas Bid Co Ltd, is selling its entire stake in the company, bookrunner Numis Securities Ltd said.
Acromas, which owns about 31.5 percent of Saga, was set up in 2007 to acquire Saga and AA Plc (L:AAAA).
Saga's shares closed at 201.4 pence on the London Stock Exchange on Thursday, valuing the company at about 2.3 billion pounds ($3.3 billion).
At that price, Acromas' 352.7 million shares would be worth about 710 million pounds.
Acromas is owned by funds managed by Charterhouse Capital Partners [CHCAP.UL], CVC Capital Partners (CVC.UL) and Permira, the private equity firms that listed Saga on the London Stock Exchange last year.
Up to Thursday's close, Saga's stock had risen 8.9 percent since the company listed at 185 pence in May 2014.
Numis is the lone bookrunner for the deal.
($1 = 0.6975 pounds)
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Written By: Reuters
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