Andy Haste, the former chief executive of RSA Insurance Group Plc (RSA), will lead a bid by private-equity firms for Royal Bank of Scotland Group Plc’s Direct Line Group, the Sunday Telegraph said, citing people it didn’t identify.
Blackstone Group LP (BX:US), Bain Capital Partners Llc, and Advent International Corp. will join Haste to bid as much as 3.5 billion pounds ($5.5 billion) for the unit, the newspaper said.
A successful bid would see Haste become the business’s chief executive or chairman, according to the newspaper.
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