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UK motor insurer Sabre's old owner to exit in share sale

U.K. motor insurer Sabre Insurance Group PLC's former owner BC Partners and founder Angus Ball are planning to sell up to 44.76 million shares of the company, equivalent to 17.9% of its outstanding share capital.

Following the transaction, private equity house BC Partners will no longer own any Sabre shares and Ball will own about 1.8% of the company.

Sabre floated on the London Stock Exchange on Dec. 6, 2017.

BC Partners and Ball trimmed their stakes to about 14.5% and 4.3% respectively after jointly selling 18.2% of the company on May 30, 2018.

Barclays Bank PLC is acting as sole global coordinator and book runner for the latest sale.

Sabre will not receive any proceeds from the sale.