Cover-More's largest shareholder, Greencape Capital, has endorsed new chief executive Mike Emmett's decision to raise $73 million to fund a $138 million acquisition of Travelex Insurance Services.
Other investors have also backed the move as a way to fast-track Cover-More's expansion plans for North America. Cover-More is a $457.6 million ASX-listed business that sells travel insurance via a range of distributors including Flight Centre, Virgin airlines, and credit card companies.
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Sally Rose is a Sydney-based reporter, who covers business, personal finance and superannuation. Connect with Sally on Twitter.
Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com
Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
