Chesnara PLC (LSE:CSN) has stepped up to the FTSE 250 following a near 30% rise in the share price in the year to date, which values the business at £687 million.
The life and pensions consolidator replaces Assura, which is being taken over by Primary Health Properties.
Its elevation to the mid-tier follows the announcement of the £260 million acquisition of HSBC's life operation.
This deal significantly boosts Chesnara’s scale, creating opportunities for operational and capital efficiencies over the coming years.
Peel Hunt highlights that the acquisition strengthens the company’s cash flow sustainability, underpinning a 3% dividend per share growth outlook extended across a 10-year forecast horizon.