Private equity firm exits the speciality motor insurer
Investors in Sabre Insurance have sold shares worth £116m.
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Private equity investor BC Partners has sold its entire holding in Sabre, while Sabre director Angus Ball has also sold most of his stake in the company, leaving him with a 1.8% stake.
The sale represented 17.9% of Sabre’s shares in issue. The shares were placed at a price of 260 pence per share, which represented a discount to the market price, which closed yesterday up 1.1% at 274 pence. Sabre shares fell in early trading this morning, down 12 pence to 262, giving Sabre a market valuation of £688m.