M&A · Financials · Life Insurance
Brookfield Asset Management Reinsurance Partners Ltd. to acquire American National Group Inc
Announced Aug 9, 2021 · Closed May 25, 2022
Deal value$5.10B
Premium55.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$190.00 per share
Transaction
- Acquirer
- Brookfield Asset Management Reinsurance Partners Ltd. (BAMR)
- Target
- American National Group Inc
- Buyer type
- Private equity
- Offer price per share
- $190.00
- Enterprise value
- —
- Status
- Closed May 25, 2022
Deal protections
- Break fee (target pays)
- $179M · 3.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- Committed · BMO Capital Markets, RBC Capital Markets, Citigroup
Advisors
- To the acquirer
- RBC Capital Markets
- To the target
- Citigroup
- Citigroup fee
- $40.0M
Sector context · Financials
- Comparable deals
- 48 in the prior 24 months
- Premium
- 55.0% vs. 35.9% sector median
- EV / Adj. EBITDA
- Sector median 21.6x
- Break fee
- 3.5% vs. 3.7% sector median
Timeline
- AnnouncedAug 9, 2021
- Proxy filedSep 7, 2021
- Definitive proxySep 17, 2021
- Shareholder vote—
- ClosedMay 25, 2022
Valuation · fairness opinions
Trading comparables$138.06$157.83
Precedent transactions$146.56$169.77
Sum of the parts$185.14$209.25
Sum of the parts$183.16$206.38
Trading comparables$169.74$187.52
Offer $190.00
Implied value per American National Group Inc share by analysis, from Citigroup.