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Partnership flotation plans gather pace

Partnership flotation plans gather pace

Plans for a £1 billion flotation of enhanced annuity provider Partnership Assurance are gathering pace, according to The Sunday Times.

It said plans for an initial public offering, which first emerged last summer, are gaining momentum due to the rally in the markets.

Partnership owner Cinven appointed Morgan Stanley and Bank of America Merrill Lynch to lead the listing preparations in June last year.

Private equity group Cinven bought Partnership, headed by chief executive Steve Groves (pictured), in 2008 for £160 million.

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