Towergate sells majority of Broker Network to Highbridge for £46m

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Towergate has revealed a deal in its annual results for 2015 to sell Broker Network to Highbridge for £46m.

David Ross, CEO of Towergate confirmed: "We have agreed to sell a majority interest in Broker Network to Highbridge Principal Strategies for a consideration of up to £46m."

The agreement involves the disposal of the entire issued share capital of Broker Network and Countrywide Insurance Management, both wholly owned subsidiaries of the group.

Also involved are the assets of Broker Network