Fairfax buy of PE-backed Brit declared unconditional, company to delist

The previously announced acquisition of specialty insurer Brit Plc by Toronto-based Fairfax Financial Holdings has been declared "unconditional in all respects." The deal, which is valued at US$1.88 billion, will result in the cancellation of the listing and trading of Brit's shares on the London Stock Exchange by June 23. The company, which has its headquarters in London, United Kingdom, has been a portfolio investment of Apollo Global and CVC Capital Partners since 2010. In April, it was reported that Fairfax agreed to sell up to 30 percent of Brit to the Ontario Municipal Employees Retirement System (OMERS).

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