M&A · Financials · Fire, Marine & Casualty Insurance
Arch Capital Group Ltd. to acquire Watford Holdings Ltd.
Announced Oct 9, 2020 · Closed Jul 1, 2021
Deal value$622M
Premium74.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$31.10 per share
Transaction
- Acquirer
- Arch Capital Group Ltd. (ACGL)
- Target
- Watford Holdings Ltd.
- Buyer type
- Strategic
- Offer price per share
- $31.10
- Enterprise value
- —
- Status
- Closed Jul 1, 2021
Deal protections
- Break fee (target pays)
- $18.7M · 3.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Goldman Sachs
- To the target
- Morgan Stanley
- Morgan Stanley fee
- $7.0M
Classification
- Sector
- Financials
- Industry
- Fire, Marine & Casualty Insurance
Timeline
- AnnouncedOct 9, 2020
- Proxy filedJan 4, 2021
- Definitive proxyFeb 19, 2021
- Shareholder voteMar 30, 2021
- ClosedJul 1, 2021
Valuation · fairness opinions
Trading comparables$17.25$25.75
Trading comparables$17.25$26.00
Trading comparables$15.75$27.50
Trading comparables$27.50$35.00
Trading comparables$27.25$30.25
Offer $31.10
Implied value per Watford Holdings Ltd. share by analysis, from Morgan Stanley.