Private equity firm looking to sell 23% stake in broker, report says
Private equity firm 3i is in talks to sell its 23% stake in broking group Hyperion to an unknown buyer, City AM reports.
Citing market sources, the paper said 3i was thought to be selling some of its non-core assets, and was keen to sell its stake in Hyperion now rather than wait for the broker to float.
A spokeswoman for Hyperion told Insurance Times that the broker could not comment on the activities of its shareholders.
Hyperion was targeting a stock market flotation this year, but chief executive David Howden (pictured) and chairman John van Kuffeler have insisted the broker will wait for the right conditions before listing. The company bought Lloyd’s broker Windsor last July, but wants to wait until it has been in its ownership for a year before considering its stock market debut.