Saga confirms float plans

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Saga has confirmed plans to list on the London Stock Exchange in a move which could value the company at a reported £3bn.

The over 50s specialist insurer for the over-50s market that it will use proceeds of £550m from the flotation to reduce net debt to £700m.

Acromas - owned by Charterhouse, CVC, Permira and others - is expected to sell a proportion of its shareholding in the offer.

The group has over 2.1 million customers.

Andrew Goodsell, executive chairman at Saga said: "What began 60 years ago in a small hotel in Folkestone is today one of Britain's most trusted and respected companies. This is in huge part due to the hard work and dedication of our employees.

"Our customers are at the heart of our brand and I am delighted that they will have an opportunity to become shareholders in the company and to be part of the next stage of our journey."


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