Pro Global completes sale of outsourcing unit

Pro Global Insurance updated the market on the proposed sale of its outsourcing and consulting businesses on Tuesday, confirming the sale was now unconditional.

The AIM-traded company had announced the £8.3m sale on 22 December last year, to a newly-formed company owned by clients of Acuity Investments.

At the time, the sale remained subject to shareholder, regulatory, and other approvals.

“The company is pleased to announce that all approvals have now been received and therefore the sale is now unconditional,” Pro Global’s board said on Tuesday.

“Completion is expected on 30 June.”

Following completion, the company's only business would be its 30% investment in Asta Capital, which owns a number of companies including Asta Managing Agency - the third party managing agent at Lloyd's.