Innovation Group agree to Carlyle takeover
Insurance software provider The Innovation Group PLC has agreed to a £499m takeover bid from private equity firm Carlyle Group.
Under the agreement, the London-listed company will receive 40p per share in cash, which represents a 13.5% premium to Innovation’s closing price on Thursday.
It has been agreed after the company announced a wide-ranging restructuring that was set to see chief executive Andrew Roberts leave his role at the end of this year.
Innovation said last December that it would create ‘two distinct business divisions’, and appoint separate chief executives for its technology and services businesses.
Innovation expects the deal to provide an increased financial and operational flexibility, adding it will allow it to accelerate its expansion plans.
Group chairman David Thorpe said, ‘Carlyle’s offer represents a compelling opportunity for Innovation’s shareholders to immediately and fully realise the value from their investment, in cash and at a premium.’
Innovation shares were up 1.94% to 39.50p at 0956 BST on Tuesday.
