The Saga PLC (LON: SAGA) share price edged 4.69% higher after confirming that it was in exclusive negotiations with Open Insurance Technologies Pty Ltd regarding a possible sale of its Acromas Insurance Company Limited.
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The company issued the statement in response to media speculation that it was considering selling its Acromas insurance underwriting business. Investors cheered the move that would unlock significant value for Saga and its shareholders. Still, the company warned investors that there were no guarantees that a deal would be reached.
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Saga is a company that specialises in products and services that target people over 50 years old. The company recently held a market day where it revealed its plans to investors. A key highlight of the event was the company’s pivot towards operating media properties under the Saga Exception website.
The firm wants to leverage the massive amounts of data it has on its target clients accumulated over its years of operation to create products and services that resonate with them. In addition, the company wants to increase the number of times it contacts its clients through its new website and other media.
Investors cheered the company’s announcement, given that it could not have come at a better time. The company’s decision to launch Saga Exceptional was lauded since it can sell more products and services by increasing its contact with its clientele.
Saga is also looking to diversify its revenue streams from capital-intensive cruises, flights and vacations to include capital-light predictable digital revenue streams. However, it remains to be seen whether the company will succeed since it is in the early stages of its transformation.
*This is not investment advice.
Saga share price.
The Saga share price edged 4.69% higher to trade at 179.55p, from Thursday’s closing price of 171.50p.
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