Insurer D&G weighs up return to London Stock Exchange
Household insurance provider Domestic & General (D&G) is considering a return to London’s stock market after an 11-year absence in a potential listing that would value the company at £1.5bn.
CVC Capital Parters, the private equity fund that owns D&G, has appointed Rothschild to advice the firm over plans for an initial public offering (IPO), according to Sky News.
Interest around an IPO was first sparked when D&G’s parent provider Galaxy Finco raised the possibility in its half-year reports. A number of investment banks have been lined to handle the listing, with reports yesterday that the floatation is likely to go ahead next year.
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Sources close to the matter confirmed to City PM that CVC has been mulling the possibility of an IPO.
With more than 16m customers in 14 countries, D&G has grown into one of the largest insurers of home appliances such as washing machines, with brands such as Argos and Sky among its key partners.
The firm turned private more than a decade ago, before private equity company Advent International sold the firm on to CVC for approximately £750m in 2013.