17th Feb 2020 08:20
(Alliance News) - Saga PLC - which provides holidays and insurance to the over 50s - said Monday it has agreed to sell Bennetts Motorcycling Services Ltd to Atlanta Investment Holdings C Ltd for GBP26 million.
Bennetts is an insurance broker for motorcycles, while Atlanta is part of UK insurance broker Ardonagh Group.
Completion of the sale is subject to receiving regulatory approval and other closing conditions.
"As Saga seeks to focus on our core branded business, I am pleased to announce we have agreed the sale of Bennetts. This is a good outcome for Saga shareholders and Bennetts customers who will find a good home in the Ardonagh Group," said Chief Executive Officer Euan Sutherland.
Shares in Saga - which is based in Kent - were down 1.1% at 44.11 pence on Monday in London.
By Dayo Laniyan; [email protected]
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