Freshfields Bruckhaus Deringer has built on its relationship with Saga, acting for its private equity backers on the sale of their remaining stake in the company.
Magic circle partner Chris Mort acted for Saga’s holding company Acromas on the sale, which was formed by Charterhouse, CVC and Permira in 2007.
Meanwhile Numis Securities was the bookrunner on the sale, with general counsel Michael Lee handling matters in-house.
The transaction means Acromas now has no shares in Saga, after selling its remaining 32 per stake worth an estimated £700m.
Acromas first bought Saga in 2007 in a £6.2bn deal that also saw it merge the travel and insurance provider with roadside recovery business AA.
It decided to float Saga after much speculation in 2014, also breaking away from the AA in the same year through an IPO.
Background to the deal
Saga was a new client for Freshfields in 2014, when Mort advised the travel and insurance company on its IPO.
Prior to the IPO announcement, there had been much speculation over Saga’s future, with legacy Herbert Smith being instructed to investigate the prospects of a flotation back in 2007. However, the IPO rumours died down as it was announced that Saga and the AA were to merge, with Clifford Chance, Dickson Minto, Travers Smith and Pinsents Masons all picking up roles.
Saga had been the subject of a £1.35bn management buyout backed by private equity firm Charterhouse in 2004, with Herbert Smith acting for the company’s owner on the deal and Dickson Minto working with Charterhouse.