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CVC Capital Partners plans to acquire UK insurer Domestic & General

Private equity company CVC Capital Partners (CVC) is engaged in discussions with the Advent International in the US, to acquire British home appliance insurer Domestic & General.

Sources familiar with the development were quoted by Reuters as saying that the company tried to divest the insurance business earlier this year, but could not proceed due to departure of some potential buyers.

Now, the company has reportedly appointed Goldman Sachs to find a potential buyer and it is expected that a deal will be announced shortly.

The sale of Domestic & General is likely to bring £1bn for Advent International, which acquired the business in 2007, in a $803.26m transaction.

Delivering extended warranty protection for domestic appliances, Domestic & General manages businesses in 11 nations and serves 15 million customers through a workforce of approximately 2,500 people.

Set up in 1981, CVC also operates as an investment advisory firm and employs nearly 270 staff across Europe, Asia and the US.