Brief: White Mountains Insurance Group Ltd Says To Invest Fresh Capital In And To Acquire A Majority Interest In Ark Insurance Holdings Ltd

White Mountains Insurance

01/10/2020 12:45

Oct 1 (Reuters) - White Mountains Insurance Group Ltd
 WTM.N :
    * WHITE MOUNTAINS INSURANCE GROUP LTD - TO INVEST FRESH
CAPITAL IN
AND TO ACQUIRE A MAJORITY INTEREST IN ARK INSURANCE HOLDINGS
LTD,
    * WHITE MOUNTAINS INSURANCE GROUP LTD - WILL CONTRIBUTE $605
MILLION OF EQUITY CAPITAL TO ARK, AT A PRE-MONEY VALUATION OF
$300 MILLION
    * WHITE MOUNTAINS INSURANCE GROUP LTD - WILL ALSO PURCHASE
$41
MILLION OF SHARES FROM EXISTING OWNERS OF ARK
    * WHITE MOUNTAINS INSURANCE GROUP LTD - WILL COMMIT TO
CONTRIBUTE
UP TO AN ADDITIONAL $200 MILLION OF EQUITY CAPITAL TO ARK IN
2021.
    * WHITE MOUNTAINS INSURANCE GROUP LTD - AT CLOSING, WHITE
MOUNTAINS WILL OWN 72% OF ARK ON A BASIC SHARES OUTSTANDING
BASIS

Source text for Eikon:  ID:nPn3cHs5Ba 
Further company coverage:  WTM.N 

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