Insurance-focused outsourcing company Xchanging Plc said U.S.-based private equity firm Apollo Global Management LLC had dropped out of a race to potentially acquire the company.
Xchanging, which offers services ranging from back-office invoice processing to insurance claims settlement, said Apollo Global had informed the company that it was no longer interested in potentially making an offer.
Xchanging said last month that it had reached an agreement on terms of a recommended cash offer with Capita Plc, valuing Xchanging at 412 million pounds ($635 million).
