Private equity firm Cinven will acquire a majority share of 77%, worth up to 200m euro, in specialist retirement solutions provider Partnership Assurance, subject to regulatory approvals.
In addition to buying out Partnership's existing shareholders, Phoenix Equity partners, Cinven intends to inject further capital into the business to strengthen the company's balance sheet. It has also given a commitment to invest further substantial amounts if required to support future business developments. The markets in which Partnership operates, including impaired and enhanced annuities, long-term care plans and life cover are expected to show significant future growth. This is a result of a combination of the rapid migration to defined contribution (DC) schemes and demographic tr...
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