Towergate and Autonet owner The Ardonagh Group has agreed to buy Swinton Group from Covéa Group for £165m.
Ardonagh stated it would fund the purchase from existing finance and with “cash from monetising certain Swinton assets”.
As previously reported Swinton has been up for sale for months with Ardonagh long tipped as likely to win the race for the personal lines specialist.
Through the purchase Ardonagh will take on £168m of turnover, over one million customers and 1.6 million live
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