LONDON, June 7 Private-equity backed life
insurer Partnership Assurance Group priced its London
listing at 385 pence per share on Friday, valuing the company at
1.54 billion pounds ($2.4 billion).
That was in the upper half of its original 325 pence to 400
pence per share range.
The British company, majority owned by private equity firm
Cinven, said the initial public offering had raised a
total of 485 million pounds, including 125 million pounds which
will go to Partnership to pay down debt.
Cinven, which bought an 80 percent stake for 200 million
euros ($263.9 million) in 2008, will retain 52 percent of the
company following the listing.