Carlyle in talks on $770 mn takeover of UK's Innovation Grp

US private equity firm Carlyle is in advanced talks about buying Innovation Group for 40 pence a share in cash, valuing its equity at almost 500 million pounds (USD 769 million), the British software company said on Friday.

Innovation, which provides software and services to help insurers process claims, said the talks may or may not lead to a deal.

Shares in Innovation Group, which have risen by 18 percent in the last 12 months, were trading 6 percent higher at 37.5 pence at 1029 GMT.

Under takeover rules, Carlyle has until September 25 to make a firm offer for Innovation or announce it does not intend to make an offer.

Innovation Group is being advised by Investec.