U.K. private equity group Cinven is acquiring Guardian Life Insurance for a total of nearly £275 million, Financial Times reports. The Lancashire-based company is being sold by Dutch life insurer Aegon. Post-deal, Aegon’s asset management unit will continue to run Guardian’s £7.4 billion in assets for Cinven.
The buyer seeks to use Guardian as a basis for further acquisitions in a sector, where banks and insurance groups are looking to sell assets to unlock capital. Lloyds Banking Group is providing debt financing to Cinven on the transaction, adds Bloomberg.
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