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Carlyle in talks on $770 million takeover of UK's Innovation Group

Published 08/28/2015, 06:55 AM
Updated 08/28/2015, 06:57 AM
© Reuters. A general view of the lobby outside of the Carlyle Group offices in Washington

LONDON (Reuters) - U.S. private equity firm Carlyle (O:CG) is in advanced talks about buying Innovation Group (L:TIG) for 40 pence a share in cash, valuing its equity at almost 500 million pounds ($769 million), the British software company said on Friday.

Innovation, which provides software and services to help insurers process claims, said the talks may or may not lead to a deal.

Shares in Innovation Group, which have risen by 18 percent in the last 12 months, were trading 6 percent higher at 37.5 pence at 1029 GMT.

Under takeover rules, Carlyle has until Sept. 25 to make a firm offer for Innovation or announce it does not intend to make an offer.

Innovation Group is being advised by Investec.

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