Provident owner GMAC reportedly asking for around £70m
MMA is close to wrapping up the acquisition of Provident Insurance, Insurance Times understands.
MMA and Provident US owner GMAC last month entered a three-month period of exclusivity to thrash out a deal. Goldman Sachs is acting as corporate adviser.
A source said it was “pretty much a done deal” and it was highly likely that MMA would complete the acquisition within the next few weeks.
As reported in Insurance Times, GMAC is understood to be asking for around £70m for Provident.
GMAC senior vice-president of international operations Ron Judd officially resigned as a director of Provident on Monday.
Judd was instrumental in GMAC’s £170m acquisition of Provident in May 2007. He planned to use the insurer as a base from which to expand GMAC’s insurance operations throughout Europe.
However, GMAC ran into trouble during the financial crisis. In July, it sold its international insurance services division to Maiden Holdings.
The completion of the deal means that Judd is no longer involved with Provident.