Investment firm Kelso Group Holdings said on Tuesday it had bought 400,000 shares in British travel company firm and submitted proposals to its board aimed at boosting value, including attracting more U.S. investors.
Kelso’s investment, worth 1.55 million pounds ($2.1 million), gives it a 0.3% stake in Saga, which had a market value of 552.1 million pounds as of Monday’s close.
Saga, which targets customers aged over 50 and offers services from cruises to insurance, has recovered from pandemic-related losses in recent years, helped by steady profitability, driven by strong travel demand and a strategic overhaul of its insurance arm.
Kelso also holds stakes in cybersecurity firm NCC Group, e-commerce firm THG, and investment vehicle Selkirk.
($1 = 0.7378 pounds)
(Reporting by Shashwat Awasthi in Bengaluru; editing by Rashmi Aich)
Photograph: Generated with AI, AdobeStock
Related:
- Business Moves: Howden Japan Acquires Holos; Ageas Buys Saga’s Underwriting Biz; BMS Purchases Australian Property Broker; UK’s Direct Line Now Owned by Aviva
- UK’s Saga in Talks With Belgium’s Ageas for Insurance Partnership
Topics Mergers & Acquisitions
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