(Reuters) - Private equity firm GTCR LLC is selling British financial services company Premium Credit Ltd to buyout group Cinven Partners LLP [CINV.UL] for 462 million pounds ($700 million).
Premium Credit, which Chicago-based GTCR bought in 2012 from a unit of Bank of America Corp (BAC.N), provides services that help people and businesses pay insurance premiums in installments.
Premium Credit also finances annual payments such as school fees and membership subscriptions and it made advances of 3.7 billion pounds in 2013, according to its website.
The Wall Street Journal reported in November, citing sources, that Premium Credit had been put up for sale in a deal that could be valued at more than $800 million.
J.P. Morgan was Premium Credit’s financial advisor and Kirkland & Ellis LLP was its legal counsel.
Reporting by Richa Naidu in Bengaluru; Editing by Kirti Pandey