Last June, we told you about the
international firms interested in buying British car insurer Sabre. The likes of Qatar Reinsurance Company, Centerbridge, and Warburg Pincus were all reported to be potential suitors for Sabre aiming to snap it up from private equity owner BC Partners.
Now it has been revealed none of these companies are getting their hands on the car insurer. We previously mentioned that an initial public offering (IPO) was among the options, and it looks like Sabre’s owner is now taking that route.
According to sources cited by
Reuters, BC Partners plans to list in London soon following a failed bid by the Centerbridge/Qatar Re consortium. BC Partners believes the IPO could value the car insurer at as much as £600 million ($800 million).
Reuters did not mention Warburg Pincus, but a report by
The Evening Standard a couple of months ago described the buyout firm as a front-runner at one point.
Surrey-based Sabre is known for car insurance brands Insure2Drive and Go Girl. BC Partners became a majority shareholder four years ago.
The IPO is expected to happen either later this year or during the early months of 2018.
Related stories:
Misys to return to London market with £5.5 billion listing
