Brief: Mediaalpha To Sell Significant Minority Stake To Insignia Capital

White Mountains Insurance

04/02/2019 13:13

Feb 4 (Reuters) - White Mountains Insurance Group Ltd
 WTM.N :
    * PRESS RELEASE - MEDIAALPHA TO SELL SIGNIFICANT MINORITY
STAKE TO
INSIGNIA CAPITAL
    * WHITE MOUNTAINS INSURANCE GROUP LTD - TRANSACTION VALUES
MEDIAALPHA AT ABOUT $350 MILLION
    * WHITE MOUNTAINS INSURANCE GROUP -  CO WILL REMAIN
SIGNIFICANT
EQUITYHOLDER IN MEDIAALPHA WITH 42% OWNERSHIP INTEREST ON
FULLY-DILUTED BASIS
    * WHITE MOUNTAINS INSURANCE GROUP LTD - MEDIAALPHA'S
FOUNDING
MANAGERS WILL CONTINUE TO LEAD BUSINESS
    * WHITE MOUNTAINS INSURANCE GROUP LTD - WHITE MOUNTAINS
EXPECTS TO
RECEIVE NET CASH PROCEEDS OF ABOUT $85 MILLION FROM TRANSACTION
    * WHITE MOUNTAINS INSURANCE GROUP - TRANSACTION SUBJECT TO
MEDIAALPHA SECURING NEW THIRD-PARTY DEBT FINANCING OF ABOUT $100
MILLION
    * WHITE MOUNTAINS INSURANCE GROUP - TRANSACTION TO RESULT IN
GAIN
OF ABOUT $55 TO WHITE MOUNTAINS'S BOOK VALUE PER SHARE &
ADJUSTED BOOK VALUE PER SHARE
    * WHITE MOUNTAINS INSURANCE GROUP - PROCEEDS FROM
THIRD-PARTY DEBT
FINANCING TO BE USED TO EFFECT A DIVIDEND RECAPITALIZATION

Source text for Eikon:  ID:nPn9Z8nB5a 
Further company coverage:  WTM.N 

 ((Briefs@thomsonreuters.com;))