10th Feb 2023 11:22
(Alliance News) - Saga PLC on Friday confirmed it is in exclusive discussions with Open Insurance Technologies Pty Ltd about a potential sale of Acromas Insurance Co, the underwriter that is part of Saga's wider insurance business.
Saga, a Kent-based over-50s travel operator, said the talks are ongoing with no certainty that any transaction will occur, adding that any disposal of the business would require regulatory and shareholder approval. Open Insurance is an insurance-focused finance company based in Sydney and Auckland.
Sky News on Friday morning reported that Open Insurance is in a "pole position" to buy Acromas.
https://news.sky.com/story/australians-open-to-takeover-of-saga-underwriting-arm-12807085
Last month, Saga had confirmed it was seeking to sell Acromas without disclosing financial details, saying a potential sale is consistent with its strategy.
The Times previously had reported the Saga plans, saying the disposal would be worth between GBP80 million and GBP90 million and was aimed at bringing down Saga's debt.
Saga shares were 3.0% higher at 175.95 pence each in London on Friday morning.
By Tom Budszus, Alliance News reporter
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