UK life assurer Pearl Group is hoping to secure the backing of billionaire Nicholas Berggruen, as part of a refinancing deal targeting the end of the third quarter for the listing of its equity.

Pearl, led by entrepreneur Hugh Osmond, wants to inject itself into a shell company called Liberty Acquisition Holdings using £500m of the cash on its balance sheet, according to sources familiar with the situation. It is backed by Berggruen and a Marlin Equities private equity fund.

UK life assurer seeks billionaire's backing

Mike Foster

London Stock Exchange

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