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BRIEF-Intact Financial to buy OneBeacon Insurance

May 2 Intact Financial Corp

* Intact Financial Corporation to acquire US specialty insurer OneBeacon Insurance Group Ltd for US $1.7 billion

* Intact Financial Corp - deal to be accretive to net operating income per share within 24 months

* Intact Financial Corp - deal accretive to net operating income per share within 24 months of closing

* Intact Financial Corp - transaction is expected to be neutral to net operating income per share in 2018

* Intact Financial - intends to finance acquisition and related transaction expenses using a combination of $700 million of equity financing among others

* Intact Financial Corp - will cancel automatic share purchase plan announced on March 27, 2017 and suspend its normal course issuer bid

* Intact Financial Corp- transaction has been unanimously approved by boards of directors of both companies

* Intact-Intends to deal expenses also using about $700 million of excess capital and about $1.0 billion of financing comprised of bank term loans and others

* Intact-$700 million of equity financing is through $360 million bought deal subscription receipt offering, $340 million private placement of subscription receipts

* Intact Financial- OneBeacon has ability to terminate deal subject to $85.1 million termination fee payment,reimbursement of intact's expenses up to $22 million

* Intact-$340 million private placement issued to caisse de dépôt et placement du québec, Canada pension plan investment board, Ontario teachers' pension plan

* Intact - entered agreement with a group of underwriters for issue of 3.9 million subscription receipts at a price of $91.85 per subscription receipt

* Intact - White Mountains Insurance Group, Ltd. has entered into a voting agreement pursuant to which it has agreed to vote in favour of transaction Source text for Eikon: Further company coverage:

我们的标准: 汤森路透“信任原则

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