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Cinven-backed life insurer Partnership Assurance Group to list on LSE

13 May 2013

insurance contract formPrivate equity firm Cinven is set to partially exit its investment in life insurer Partnership Assurance Group via an IPO, which could value the business at $1.54bn.

Partnership today said that it plans to list on the LSE and has appointed Bank of America Merrill Lynch and Morgan Stanley as joint sponsors.

The company plans to raise £120m and achieve a free float of 25 per cent with Cinven set to sell part of its stake.

Cinven will sell at least a quarter of its shares via the IPO, which is expected to value the insurer at £1bn ($1.54bn), said Reuters, citing a source familiar with the matter.

The deal is expected to complete before the end of the month, the source added.

The proceeds will be used to repay debt and shareholder loan notes as well as for general corporate purposes, said Partnership.

Last year Partnership posted profits of £112m, up 56 per cent from 2011.

Chairman of Partnership Chris Gibson-Smith said, “The IPO is a natural step for Partnership, and the profile generated in the public markets will support its continued growth as the population ages and the potential demand for secure retirement income grows substantially.”

Last month Cinven and Warburg Pincus fully exited Dutch cable company Ziggo via an accelerated bookbuild offering.

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