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Private equity backers line up London IPO for Saga

24 Apr 2014

London_bridgeUK over 50’s financial services company Saga is expected to confirm plans to list on the London Stock Exchange next week, according to Reuters.

The IPO would seek to raise a minimum of £750m, valuing the company at £3bn.

The company is part of Acromas Holdings, which is backed by UK buyout houses Permira, Charterhouse and CVC.

Acromas was formed in 2007 though the £6.15bn merger of the AA and Saga and was one of the largest private equity-backed deals ever seen in the UK, valuing the companies at £3.35bn and Saga at £2.8bn respectively.

The deal was financed with close to £5bn of bank debt. The company’s borrowings have since fallen to £4bn, although a large proportion of the loans are due for repayment in 2015.

Earlier this year Acromas’ private equity backers were said to be seeking a cash injection ahead of a potential break-up, with Asian and Middle Eastern sovereign wealth funds set to buy a minority stake.

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