Saga lined up for new year IPO

Saga lined up for new year IPO

Travel and insurance specialist Saga is being prepared for listing as soon as in the first quarter of next year.

Private equity owners Permira, CVC Capital and Charterhouse have started a consultation to appoint financial advisers for the IPO, the Financial Times reported, citing people with knowledge of the matter.

The flotation would mark a break-up of Acromas, formed six years ago when the private equity houses decided to merge Saga and road assistance specialist AA in a £6.2 billion deal.

The group reported earnings before interest, taxes, depreciation and amortisation of £621 million for the 12 months ended January 2013, up from about £550 million in 2009, according to filings to Companies House.

It generated sales of £2.25 billion last year, and has about £4.6 billion of debt, according to the FT report.


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