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ACGLP - Arch Capital News Story

$25.36 0.1  0.5%

Last Trade - 13/05/21

Sector
Financials
Size
Large Cap
Market Cap £11.24bn
Enterprise Value £13.94bn
Revenue £6.43bn
Position in Universe 692nd / 6856

BRIEF-Westpac Banking Corp Sells Lenders Mortgage Insurance Business

Thu 18th March, 2021 12:08am
March 18 (Reuters) - Westpac Banking Corp  WBC.AX :
    * WESTPAC SELLS LENDERS MORTGAGE INSURANCE BUSINESS
    * TRANSACTION IS EXPECTED TO ADD APPROXIMATELY 7BPS TO
WESTPAC'S
COMMON EQUITY TIER 1 CAPITAL RATIO
    * WILL RECORD A LOSS ON SALE IN FY21 FROM SEPARATION AND
TRANSACTION COSTS ALONG WITH $84 MILLION WRITE DOWN IN GOODWILL
    * SALE PRICE WILL BE AT BOOK VALUE WHICH WILL BE DETERMINED
AT
COMPLETION
    * TRANSACTION ALSO INCLUDES SMALL, FIXED ANNUAL PAYMENTS TO
WESTPAC OVER NEXT 10 YEARS
    * COMPLETION OF TRANSACTION EXPECTED TO OCCUR BY END OF
AUGUST
2021
    * TRANSACTION PROCEEDS WILL BE DETERMINED ON BASIS OF BOOK
VALUE
AT COMPLETION, WHICH IS EXPECTED TO OCCUR IN 2H21
    * WILL ENTER INTO 10-YEAR EXCLUSIVE SUPPLY AGREEMENT FOR
ARCH
CAPITAL GROUP TO PROVIDE LENDERS MORTGAGE INSURANCE TO CO

Source ( https://bit.ly/3lz0j4o)
Further company coverage:  WBC.AX 

 ((Reuters.Briefs@thomsonreuters.com;))
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