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.
Earlier in November, telecoms masts firm Arqiva, Britain’s biggest debt collector Cabot Credit Management and business services firm TMF Group also pulled out of plans to list shares on the LSE.
