(Reuters) – British pension buyout firm Paternoster has hired bankers to put a valuation on the company as investors look to exit the business, the Independent on Sunday reported.
Deutsche Bank (DBKGn.DE), the largest shareholder in Paternoster, will most likely buy out investors and merge the Paternoster business into its Abbey Life insurance operation, the paper reported, citing sources close to the situation.
Paternoster declined to comment.
Last September, Paternoster said it would cut jobs and replace founder Mark Wood as Chief Executive after it received a 5 million pound ($7.3 million) cash injection to allow it to resume writing new business.
(Reporting by Julie Crust; Editing by Louise Heavens)