The deal will create one of the UK's largest privately-owned businesses

Some 1500 Saga employees are shareholders in the business.

Most paid �20 for what is known as sweet equity over two years ago - those shares will pay out �10,500 when the Saga-Permira deal is completed.

Of that �10,500, 75% will be paid in cash, with the remaining 25% rolled into new shares in the business.

However the rewards for Saga's chief executive Andrew Goodsell are an altogether different order of magnitude, says our business editor.

Mr Goodsell shares will be valued at about �150m, of which he will pocket about �110m in cash.