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BRIEF-Assurant to acquire the Warranty Group in transaction valued at $2.5 billion
2017年10月18日 / 上午10点49分 / 1 个月前

BRIEF-Assurant to acquire the Warranty Group in transaction valued at $2.5 billion

Oct 18 (Reuters) - Assurant Inc

* Assurant to acquire the Warranty Group in transaction valued at $2.5 Billion

* Assurant Inc - ‍Assurant to acquire Warranty Group in transaction valued at $2.5 billion​

* Assurant Inc - deal to be ‍modestly accretive to operating earnings per share in 2018 on a run-rate basis​

* Assurant Inc - ‍transaction values Warranty Group at $1.9 billion in equity value​

* Assurant Inc - ‍upon deal closing, Assurant Ltd. shares will trade on New York Stock Exchange under ticker symbol AIZ​

* Assurant Inc - ‍senior management team of assurant will lead combined organization​

* Assurant Inc - co will become a wholly owned subsidiary of Twg Holdings Limited, whose name will be changed to Assurant Ltd​

* Assurant Inc - ‍Assurant shareholders will own about 77 percent of combined entity as existing shares of co are converted into shares of Assurant Ltd​

* Assurant Inc - ‍existing Assurant Inc shares to be converted into shares of Assurant Ltd on a one-for-one basis​

* Assurant-To finance cash consideration,repayment of $591 million of Warranty Group’s debt through new debt,preferred securities to be issued after closing​

* Assurant Inc - ‍assurant has entered into a commitment letter for a $1.0 billion bridge facility​

* Assurant Inc - ‍assurant will also pay approximately $372 million in cash to TPG​

* Assurant Inc - ‍by end of 2019, assurant expects to generate $60 million of pre-tax operating synergies from deal

* Assurant Inc - ‍transaction will be taxable to assurant’s shareholders in U.S. And certain other jurisdictions​

* Assurant Inc - ‍TPG and its affiliates to own remaining 23% of combined entity as existing co shares converted into shares of Assurant Ltd Source text for Eikon: Further company coverage: (Bangalore.newsroom@thomsonreuters.com)

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