Saga, the UK's specialist in products and services for life after 50, announces it has reached agreement for the sale of Bennetts, an insurance broker for motorcycles, for an enterprise value of £26m to Atlanta Investment Holdings C Limited ("Atlanta"). Atlanta is part of The Ardonagh Group, one of the largest independent insurance brokers in the UK. Completion is subject to receiving regulatory approval and other closing conditions.
Saga were advised by Fenchurch Advisory Partners in connection with the transaction.
Euan Sutherland, Group Chief Executive Officer, said:
"As Saga seeks to focus on our core branded business, I am pleased to announce we have agreed the sale of Bennetts. This is a good outcome for Saga shareholders and Bennetts customers who will find a good home in The Ardonagh Group."