(Bloomberg) -- The UK’s Pension Insurance Corp., an insurer and provider of bulk annuities to companies including Walgreens Boots Alliance Inc., is exploring a sale, according to people familiar with the matter. 

The company has tapped advisers to explore its options, which could also include offering up a minority stake or merging with a rival pension provider, the people said, asking not to be identified discussing non-public information. An outright sale could value PIC at more than £5 billion ($6.15 billion), two of the people said.

Reinet, a vehicle backed by billionaire Richemont Chairman Johann Rupert, owns 49.5% of PIC, while HPS Investment Partners, CVC Capital Partners and a subsidiary of Abu Dhabi Investment Authority own another 46% of the company. 

Spokespeople for PIC, HPS, CVC and the ADIA declined to comment. Reinet did not immediately respond to a request for comment.

PIC and its rivals have benefited as bond yields in the UK hit their highest levels in years. The ensuing market turmoil spurred more corporate pension managers to consider offloading their programs to players like PIC, which specializes in taking over pension programs from companies. Higher bond yields also make it easier for insurers to meet the future liabilities of pension programs.

Run by Chief Executive Officer Tracy Blackwell, PIC said it completed the largest ever bulk annuity transaction in the first six months of the year and paid a record £1.1 billion of pension payments. 

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