Warburg Pincus sells remaining stake in Primerica


new york 7_sqWarburg Pincus has fully exited its stake in financial services company Primerica, which has bought back the remaining shares from the New York-based private equity major for $154.7m.

Primerica has repurchased nearly 2.5m shares at a price of $34.67m per share and warrants for 4.1m shares at $16.67 per underlying share.

Warburg acquired a 23 per cent stake in the Citigroup spinoff for $230m in March 2010 ahead of its IPO at $15 per share.

Warburg Pincus managing director Michael Martin said, “We are proud of our partnership with Rick, John and the rest of the Primerica team since the company’s IPO.

“Our experience as a Primerica shareholder has been a very positive one and we are confident that the company will continue to fulfill its mission of serving middle income households in better preparing for a more secure financial future.”

Earlier this month Warburg agreed to sell contact lens group Bausch and Lomb to Valeant Pharmaceuticals for $8.7bn, getting a return of around three times.

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