Enhanced annuity provider Partnership Assurance is set to be floated on the stock exchange in a £1bn listing, according to the Sunday Times.
City sources told the paper the company could list as early as this summer. Surrey-based Partnership is owned by private equity firm Cinven, which hired two investment banks last June to lead the listing preparations. The report said Partnership would be the first large business owned by a private equity firm to debut on the market for several years. Cinven bought Partnership for £160m in 2008 from fellow private equity outfit Phoenix. The business was formed in 2005 after a demutualisation and management buyout of the Pension Annuity Friendly Society, which was the first firm to of...
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