BC Partners is nearing a deal to acquire Davies in a transaction valuing the London-based insurance service company at about 1.2 billion pounds ($1.7 billion), including debt, people familiar with the matter said.

The private equity firm, which manages more than 33 billion euros ($39 billion) of assets, could announce the purchase of a majority stake in the business as early as this week, the people said, asking not to be identified discussing confidential information.

A representative for BC Partners declined to comment, while a spokesperson for Davies didn’t immediately respond to a request for comment. Davies is a professional services provider that helps insurers, reinsurers and brokers assess and manage claims. It uses technology including drones, which help capture images of disaster sites for use in claims processes.

Read more/Source: Insurance Journal