Price comparison site comparethemarket.com owner BGL Group has scrapped plans to pursue a London Stock Exchange float after accepting an investment of £675m.

The Peterborough-headquartered group, which is also a digital distributor of insurance and household financial services, has signed an agreement to sell a 30 per cent stake to Canada Pension Plan Investment Board (CPPIB).

BHL, the current owner of BGL Group, will retain a majority shareholding in the business, and the investment is expected to be completed by the end of April 2018 subject to conditions.

BGL Group chief executive Matthew Donaldson said the investment was a "clear vote of confidence in our performance and potential".

He added: "We have a long-term growth strategy which builds on our market-leading core capabilities of data, digital and marketing.

"We will continue to operate in our current markets, innovating to ensure we continue to offer the best products for our customers, but we will also focus on developing and launching new ventures.

"My executive team and I are looking forward to working with our new partner to drive the next exciting stage of our growth."

Chairman Peter Winslow said: "During the course of our IPO preparations, our shareholder BHL received a number of approaches from different kinds of investors, as BGL represents a unique growth opportunity in UK financial services.

"A competitive process followed and our view was that CPPIB was the best partner for BGL.

"It is a hugely respected and experienced global institution, with a long-term ethos and track record of supporting growth.

"Building BGL Group and its brands into some of the most well known in the UK and France has created significant value for our stakeholders, and this investment reflects confidence in our continued success."

In addition to comparethemarket.com, BGL Group also owns brands including LesFurets.com and online life insurer BeagleStreet.com.

The company reported underlying revenue of £585m and pre-tax profit of £126m for the financial year to 30 June 2017.