Brief: Sagicor Financial Says Alignvest To Acquire Co For $1.75 Per Share

Sagicor Financial

27/11/2018 11:13

Nov 27 (Reuters) - Sagicor Financial Corp  SAFI.L :
    * ARRANGEMENT AGREEMENT FOR STRATEGIC ACQUISITION
    * SAGICOR SHARES WILL BE ACQUIRED AT A PRICE OF US $1.75 PER
SHARE
THROUGH A COMBINATION OF CASH AND SHARES
    * DEAL TO RESULT IN ENTITY WITH AN AGGREGATE VALUE OF
APPROXIMATELY US$536 MILLION
    * ENTERS INTO ARRANGEMENT AGREEMENT WITH ALIGNVEST
ACQUISITION II
CORPORATION AND AGREEMENT FOR STRATEGIC ACQUISITION
    * DODRIDGE MILLER PRESIDENT AND CEO WILL CONTINUE TO LEAD
ORGANIZATION
    * APPOINTED BOARD POST DEAL EXPECTED TO CONSIST OF EXISTING
SAGICOR DIRECTORS, INCLUDE SEVERAL ALIGNVEST-APPOINTED DIRECTORS
    * EXPECTS THAT TRANSACTION WILL INCREASE ANNUAL NET INCOME
BY
APPROXIMATELY US$30 MILLION, UPON CLOSING
    * SAGICOR AND ALIGNVEST WILL ACQUIRE SCOTIABANK'S LIFE
INSURANCE
OPERATIONS IN JAMAICA AND IN TRINIDAD & TOBAGO
    * TO ENTER 20-YEAR EXCLUSIVE DEAL WHERE SCOTIABANK TO
PROVIDE
INSURANCE SOLUTIONS TO ITS CLIENTS IN JAMAICA AND TRINIDAD &
TOBAGO
    * UPON CLOSING OF TRANSACTION, IT IS EXPECTED THAT ALIGNVEST
WILL
CHANGE NAME TO "SAGICOR FINANCIAL COMPANY LTD.", BECOME A
BERMUDA CO
    * UPON DEAL CLOSING TIMOTHY HODGSON, MANAGING PARTNER OF
ALIGNVEST
MANAGEMENT CORPORATION, WILL BECOME CHAIRMAN OF BOARD

Source text for Eikon:  ID:nRSa6262Ia 
Further company coverage:  SAFI.L 

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