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Sabre Insurance shares sale raises £116.4M

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Sabre Insurance shares sale raises £116.4M

Some private equity funds advised by Sabre Insurance Group PLC's former owner BC Partners and founder Angus Ball completed the sale of 44,757,377 ordinary shares in Sabre Insurance at £2.60 per share, raising gross proceeds of £116.4 million.

Following the offering's completion, BC Partners no longer owns any shares in the U.K. motor insurer, while Angus Ball owns about 1.8% of its outstanding ordinary share capital.

Allocations will be confirmed Sept. 5 for settlement Sept. 7.

Barclays Bank PLC acted as sole global coordinator and book runner on the offering.