Ashurst advised a syndicate of underwriting banks comprising Barclays, Numis, Peel Hunt and Berenberg on the premium listing of UK private motor insurance underwriter Sabre Insurance Group plc and the admission of its ordinary shares to the main market of the London Stock Exchange.
The IPO is one of the 10 largest IPOs of 2017, with an offer size of approximately £287.5 million. The Company will receive approximately £206 million of primary proceeds through the IPO, which will be used to acquire Topco Preference Shares 99.9 per cent owned by funds advised by its major shareholder, BC Partners LLP. BC Partners and other selling shareholders also sold a portion of their stakes in the Company through the IPO, raising sale proceeds of approximately £72.5 million.
The Ashurst team was led by corporate (ECM) partners Simon Bullock and Jennifer Schneck, assisted by senior associate Rodrigo Romero Hidalgo, and associate Aimee Hewitt-Carroll. Financial regulation partner James Perry, tax partner Nicholas Gardner and senior associate James Seddon, employment partner Crowley Woodford and senior associate Sean Coyne advised on certain aspects of the transaction. Senior consultant Jeffrey Sultoon and counsel Caroline Chambers also advised.
