Pro Global Insurance Solutions Plc conditionally agreed to sell its shares in its outsourcing and consulting businesses to a newly formed company, owned by clients of Acuity Investments LLP, for a total consideration of £8.3 million.
The sale covers 100% of the shares of five Pro Global wholly owned units — Pro Insurance Solutions Ltd., Pro IS Inc., Stripe Global Services Ltd., Chiltington Holdings Ltd. and Chiltington International Holding GmbH — and various subsidiaries of those companies. It is subject to regulatory approval and approval by Pro Global shareholders at a general meeting expected to be held in February 2017, following which the company's only trading activity will be through its 30% investment in Asta Capital Ltd.
Pro Global expects to change its name following completion of the sale, although a new name has not yet been chosen. Asta Capital's portfolio of companies includes Lloyd's of London third-party managing agency Asta Managing Agency Ltd.
Acuity Investments is a private equity firm founded by Adam Barron and Toby Franklin. Its clients will fund the purchase price for the transaction, which will be satisfied in cash only.