Brit reaches agreement at £888m with bidders
Insurer set to be sold to private equity houses
Brit Insurance has reached agreement with Apollo Management and CVC Capital Partners that will see the insurer’s shareholders receive up to £11 per Brit share. In a statement on the London Stock Exchange today, the parties stated that they have agreed the terms of a recommended cash offer to be made to Brit shareholders by Achilles – a new company incorporating Apollo Management and CVC Capital Partners. It values the company at around £888m.
Under the terms of the offer, all accepting
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