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Apollo, CVC-backed Brit Group eyes £275m London IPO

17 Mar 2014

insurance contract formPrivate equity-backed Dutch insurer Brit Group is reportedly looking to raise up to £275m via a share sale on the London Stock Exchange (LSE).

The group expects to sell 100m shares at 230p to 275p per share, which would value it at as much as £1.1bn, said Reuters, citing sources.

Brit’s private equity backers Apollo and CVC, which bought it in 2012, are looking to sell down their stakes, but will remain major shareholders in the company.

One of the people said that the company will float a 25 per cent, which is the minimum required by the LSE.

JP Morgan and UBS are acting as lead underwriters for the IPO, Brit Group said in a statement.

Apollo is reportedly interested in the “bad bank” unit of Italy’sBanco Popolare, which has also drawn interest from four other private equity firms.

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