AXIS Capital Holdings Ltd. said it will complete its acquisition of London-based Novae Group plc in two phases, beginning with the acquisition of Novae shares, which is expected on Oct. 2, 2017.
This will be followed by management control and integration of the combined businesses when final European Commission approval is received, no later than Oct. 18, 2017, the company said in a statement.
AXIS, a Bermuda-based specialty insurer and reinsurer, will pay $611.5 million in cash for Novae, up from its $604 million offer first announced in July.
AXIS and Novae entered into a scheme of arrangement on July 5, 2017, whereby AXIS would acquire all of the shares of Novae to form a combined business. On August 29, 2017, AXIS announced that Novae shareholders had approved the scheme of arrangement.
The transaction has received regulatory approval from the U.K. Prudential Regulation Authority, the Financial Conduct Authority, Lloyd’s of London and the Bermuda Monetary Authority.
Credit Suisse International and Fenchurch Advisory Partners are serving as financial advisers to AXIS Capital.
Source: AXIS Capital