(Alliance News) - BP Marsh & Partners PLC on Tuesday said it has completed the GBP51.5 million sale of its stake in Kentro Capital Ltd.
BP Marsh is a London-based venture capital investor in financial services businesses. Its shares were up 5.1% to 374.00 pence each in London on Tuesday morning.
In May, BP Marsh announced plans to sell its 19% stake in Kentro Capital for a cash consideration of GBP51.5 million to the US-based insurance intermediary, Brown & Brown Inc.
Kentro Capital is a London-based insurance industry investment group. BP Marsh first invested in Kentro in August 2014, with an initial equity investment of GBP1.5 million for a 5.0% shareholding.
On Tuesday, BP Marsh said that the sale has now been completed.
On the back of this, the company intends to declare a special dividend of 2.78 pence per share, when its interim results are released on October 17.
BP Marsh has also agreed to allocate a further GBP6.0 million for dividends over the next three years, payable in the financial years 2025, 2026 and 2027, ending on January 31.
Chair Brian Marsh commented: "The GBP51.5 million sale of our stake in Kentro demonstrates the company's ability to partner with young businesses and management teams and help them achieve their ambitious growth plans, whilst delivering strong returns for our shareholders."
By Sophie Rose, Alliance News reporter
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B.p Marsh (BPM)