The private equity backers of Saga were last night reported to be finalising plans to sell the rest of their stake in the over-50s insurance and travel group.
Acromas, whose owners Charterhouse Capital, CVC and Permira, floated Saga at 185p a share in May 2014, was looking to offload its remaining 31.5% stake to institutional investors, the Times reported.
Saga’s shares have risen almost 9% since the initial public offering, closing at 201½p last night, off 1¼p, before word of the placing emerged.
At that price the placing, which is Acromas’s fifth since the IPO, would value its 352.7 million shares at about £710 million.
Acromas’s move to exit its investment comes after Saga posted a 55% rise in annual pre-tax profits to £176.2 million on Tuesday amid a strong demand for its cruises, holidays and house and motor insurance.
Saga announced a full-year dividend of 7.2p per share.
Acromas confirmed this morning that it had sold its 352 million shares – approximately 32% of Saga – at a price of 195p per share.
Andrew Goodsell, non-executive chairman of the company, agreed to purchase 2.5 million of the shares.