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Majority shareholder Acromas sells 11 pct of UK insurer Saga

Reuters - UK Focus

May 13 (Reuters) - Saga Plc (LSE: SAGA.L - news) 's largest shareholder Acromas Bid Co Ltd has sold an 11 percent stake in the UK insurer via placing, raising gross proceeds of 239 million pounds ($374.5 million), sole bookrunner BofA Merrill Lynch said on Wednesday.

About 122.5 million Saga shares were placed at 195 pence each, BofA Merrill Lynch said.

Post the settlement on May 15, Acromas will remain as a majority shareholder in the travel and insurance company with an about 51 percent stake, the bookrunner said.

Acromas is owned by funds managed by Charterhouse Capital Partners (Other OTC: PGPHF - news) , CVC Capital Partners and Permira, the private equity firms that listed Saga on the London Stock Exchange (Other OTC: LDNXF - news) last year.

Acromas earlier said it planned to sell a 7 percent stake in Saga.

($1 = 0.6382 pounds) (Reporting by Aashika Jain in Bengaluru; Editing by Gopakumar Warrier)