Partnership to be sold with price tag around £750m-reports

Its private equity firm parent Cinven is set to start the process to sell Partnership Assurance after receiving a number of takeover approaches, the Sunday Telegraph reports. The paper understands Cinven has spoken to four banks with a view to picking a single adviser to take the process forward. Cinven bought Partnership Assurance from Phoenix Equity Partners in June 2008 in a deal valuing the business close to £174m. The business was formed in October 2005 following the management buy-out of the Pension Annuity Friendly Society. Results for the year to December 2010 show profit b...