M&A · Financials · Title Insurance
Brookfield Reinsurance Ltd. to acquire Argo Group International Holdings, Ltd.
Announced Feb 8, 2023 · Closed Nov 16, 2023
Deal value$1.10B
Premium6.7%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$30.00 per share
Transaction
- Acquirer
- Brookfield Reinsurance Ltd.
- Target
- Argo Group International Holdings, Ltd. (ARGD)
- Buyer type
- Private equity
- Offer price per share
- $30.00
- Enterprise value
- —
- Status
- Closed Nov 16, 2023
Deal protections
- Break fee (target pays)
- $37.2M · 3.4%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Goldman Sachs
Sector context · Financials
- Comparable deals
- 85 in the prior 24 months
- Premium
- 6.7% vs. 30.0% sector median
- EV / Adj. EBITDA
- Sector median 23.7x
- Break fee
- 3.4% vs. 3.6% sector median
Timeline
- AnnouncedFeb 8, 2023
- Proxy filedMar 6, 2023
- Definitive proxyMar 20, 2023
- Shareholder voteApr 19, 2023
- ClosedNov 16, 2023