CVC nears deal to buy UK insurer

Private equity firm CVC has entered into exclusive talks to buy British home appliance insurer Domestic & General from Advent International, banking sources said yesterday. Private equity group Advent International took Domestic & General private for £524m in 2007 backed with £434m of debt, according to Thomson Reuters LPC data. It tried to sell it earlier this year, hiring Goldman Sachs to run a sale which was expected to fetch around £1bn. CVC and Advent declined to comment.