Insurer sale is back on the cards on after stalling earlier this year

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Private equity firm CVC has entered exclusive talks to buy UK home appliance insurer Domestic & General from Advent International, according to Reuters.

Advent International bought Domestic & General for £524m in 2007, backed with £434m of debt. It tried to sell the company earlier this year, hiring Goldman Sachs to run a sale that was expected to fetch about £1bn.

But the sale process stalled when a group of private equity firms withdrew. This prompted Advent to reconsider its options, including refinancing debt in the company and paying itself a dividend.

But CVC is now in exclusive talks and a conclusion is expected soon, according to reports.

Domestic & General, which provides extended warranty protection for domestic appliances, has operations in 11 countries, has about 2,500 staff and services 15 million customers. Its 2012 turnover was £570m.