Davies Group, the UK insurance services firm controlled by BC Partners, has agreed to acquire Canadian claims processing and risk solutions provider SCM Insurance Services.
As part of the deal, SCM backers Warburg Pincus and TorQuest will become minority investors in Davies alongside Alberta Investment Management Corp., HGGC and Davies employees, according to a statement on Monday that confirmed an earlier Bloomberg News report. BC Partners will retain majority control. Financial terms were not disclosed.
The transaction values the combined businesses at £3.25 billion ($4.3 billion) including debt, people familiar with the matter have said. ...
