LONDON (Alliance News) - Numis Securities Ltd on Thursday said Acromas Bid Co Ltd is selling its entire stake in Saga PLC, which sells products such as insurance and holidays for people over 50 years old, through a placing to institutional investors.
The shares will be offered through an accelerated bookbuild. Numis, which is acting as the sole bookrunner, said the books were open with immediate effect.
Acromas is owned by Charterhouse Capital Partners, CVC Capital Partners and Permira, the private equity firms which were behind floating Saga on the London Stock Exchange in May 2014.
In total, Acromas plans to sell 352.7 million shares in Saga, being its entire stake and equating to 31.5% of Saga shares.
Numis said the sale is subject to demand, price and market conditions, and the price of the shares will be agreed by Acromas and Numis at the close of the bookbuilding process.
Shares in SAGA closed down 0.6% at 201.40 pence on Thursday, giving the shareholding being sold a value of GBP710.3 million.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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Saga (SAGA)