Insurer BGL Group, has a new stakeholder, subject to regulatory approval. The owner of Beagle Street and Compare The Market has attracted a sizeable investment from Canada Pension Plan Investment Board (CPPIB), which today announced a £675 million investment, for a 30% stake in BGL Group.
The transaction is subject to customary closing conditions including regulatory approvals. BHL, the current owner of BGL Group, will retain a majority shareholding in the business, and the investment is expected to be completed by the end of April 2018 subject to satisfaction of the closing conditions.
CPPIB will nominate a non-executive director to represent it on the board of BGL. As a result of this investment, BGL Group will not be pursuing an IPO at this time.
Peter Winslow, Chairman of BGL Group, said:
“We are delighted to welcome CPPIB as an investor. During the course of our IPO preparations, our shareholder BHL received a number of approaches from different kinds of investors, as BGL represents a unique growth opportunity in UK financial services.”
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