Insurance broker, Towergate, is in talks over a £200 million cash injection with private equity firm, Advent International, Sky News reports. The private equity group will take a significant minority stake in the insurer, established by Peter Cullum, as per the deal.
Towergate may look to list on the stock market within the next few years and could use the cash to prepare for an initial public offering. Towergate could also issue bonds later in 2011 as part of a refinancing program, as many of its debt facilities are thought to be set to expire next year.
Click here for the story from Sky News.