Fairfax to raise $650 mln to finance buy of PE-backed insurer Brit
Fairfax Financial Holdings has agreed with a syndicate of underwriters to raise $650 million in a bought deal financing. The offering of subordinate voting shares, which is expected to close on March 3rd, is intended to help finance Fairfax's proposed purchase of Brit Plc, a specialty insurer and reinsurer. The Toronto-based Fairfax said it may raise additional funding for the US$1.88 billion acquisition through debt and/or preferred share issuances. Headquartered in London, United Kingdom, Brit is a portfolio company of Apollo Global and CVC Capital Partners.
23 February 2015•3 mins read
