Speculation has escalated that Groupama is set to acquire Carole Nash in a deal believed to be worth between £80m and £100m.
The Manchester based broker appointed Ernst & Young to seek out potential bidders. It is understood a deal will be completed imminently with Groupama acquiring the broker.
The French insurer was believed to have competed with Equity, Budget and The AA for the deal. AXA was also believed to have shown some interest.
Sources have speculated that the insurer could pay well above the asking price for Carole Nash, with some suggesting that it could command a sale price of more than £80m.
It is also understood that Carole Nash's founder and namesake is keen to sell the business before the end of the year for tax reasons.
Groupama declined to comment on market speculation.
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