LV= in exclusive sale talks with Bain Capital
Financial services provider LV= has announced it is in exclusive discussions over a potential tie-up with private equity firm Bain Capital.
In a statement today LV= said discussions with Bain Capital are ongoing.
It added: “There can be no certainty that any transaction will be agreed, nor any certainty as to the terms on which any such transaction might proceed”.
Any tie-up would be subject to regulatory approval.
The insurer confirmed earlier this week that it was talking to a “number of parties”.
Pensions giant Royal London was reported to be in negotiations with the provider, in a deal that would see the groups merge their pensions, life insurance and asset management businesses.
The precise valuation of LV= remains unclear but it is believed to be in excess of £500m.
Last year LV= planned to ditch its society status in favour of being a company by limited guarantee, which went ahead at the start of the year.
It followed its decision to sell its general insurance operations to Allianz at the end of last year.
Bain Capital is a US-based private equity firm and is well-known for high-profile acquisitions. It has previously snapped up Domino’s Pizza, Burger King and Toys R Us.
This year Bain stuck a deal with embattled Vigin Australia to take it out of administration for an undisclosed sum.
LV= reiterated that its boards focus is on “maximising long-term value for its members and ensuring the business continues to be operated in their best interests”.