Comparethemarket.com owner BGL Group has ditched its plan to float in London and is instead selling a 30% stake to Canada Pension Plan Investment Board (CPPIB) for £675mln.
BGL said its parent company BHL will keep a majority shareholding in the business.
The deal is expected to be completed by the end of April.
“During the course of our IPO preparations, our shareholder BHL received a number of approaches from different kinds of investors ... A competitive process followed and our view was that CPPIB was the best partner for BGL,” said Peter Winslow, the chairman of BGL.
It marks another in a series of scrapped initial public offerings on the London Stock Exchange (LSE) amid market uncertainty following the Brexit vote.