(Reuters) - Acromas Bid Co Ltd will sell about 7 percent of British travel and insurance company Saga Plc (L:SAGAG) through a placing to institutions, sole bookrunner BofA Merrill Lynch said.
Acromas Bid owned 56.09 percent of Saga as of March 3, according to Thomson Reuters data.
Books for the placing of about 77 million shares will be open immediately, BofA Merrill Lynch said on Tuesday.
Acromas is owned by funds managed by Charterhouse Capital Partners, CVC Capital Partners and Permira, the private equity firms that listed Saga on the London Stock Exchange last year.
Shares of Saga, which focuses on customers over the age of 50, closed at 198.87 pence.
At that price, the 77 million shares on offer would be valued at about 153 million pounds.
Acromas sold about 66 million Saga shares earlier this year.
Numis is the lead manager for the placing.