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Comparethemarket.com owner eyes £2 billion float

Comparethemarket.com owner eyes £2 billion float | Insurance Business UK

Comparethemarket.com owner eyes £2 billion float
The company that owns insurance comparison website Compare the Market is planning an initial public offering that could raise as much as £2billion.
The BGL Group is set to hold a beauty parade for investment banks to lead the float, which is expected to come as early as the first quarter of 2017, The Telegraph reported over the weekend.
The company’s shareholders will not make a final decision on the planned public listing on the London Stock Exchange until later this year, the report said.
The insurance group has hired Rothschild to advise on the potential listing. According to The Telegraph, the firm has invited banks to pitch for the lead role of global co-ordinator for its proposed public offering.
The £2b valuation was higher than the £1.2b that was mooted earlier this year, the report said, and that it was based on a comparison with the valuation of rival Moneysupermarket.com.
As part of the floatation plans, BGL has hired two independent non-executive directors to strengthen its board.
Former investment banker Jitesh Gadhia and Bupa Insurance chairman Robin Phipps have joined the BGL board, increasing the number of its members to eight.
Gadhia is a board member of UK Financial Investments and has recently worked at Barclays and Blackstone and has advised on several mergers and acquisitions.
Phipps, meanwhile, has held non-executive roles at Friends Life and Resolution and other companies after spending 25 years at Legal & General.
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