Largest shareholder sells stake in Saga

Saga’ largest shareholder Acromas Bid Co Ltd has sold a 13 per cent stake in the UK travel and insurance company via a discounted placing, joint bookrunner BofA Merrill Lynch said.

About 145 million Saga shares were placed at 200 pence each, BofA Merrill Lynch said.

Acromas is owned by funds managed by Charterhouse Capital Partners, CVC Capital Partners and Permira, the private equity firms that listed Saga on the London Stock Exchange last year.

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Post the settlement on December 4, Acromas would own an about 32 per cent stake in Saga, the bookrunner said.

BofA Merrill Lynch, which is the joint bookrunner with J.P. Morgan Securities Plc, said that Acromas would sell a 10 per cent stake in Saga.

Acromas sold a 6 per cent stake in February, 11 per cent in May and an additional 6 per cent in July.

Shares in Saga fell 5.3 per cent in early trading. They have risen more than 40 per cent since the start of the year.