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Partnership Assurance prices London debut at 385 pence/share
June 7, 2013 / 6:12 AM / 4 years ago

Partnership Assurance prices London debut at 385 pence/share

LONDON, June 7 (Reuters) - 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.

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