Fairfax Financial to Acquire Additional 46.32% Interest in Gulf Insurance Group from KIPCO
TORONTO, April 19, 2023 (GLOBE NEWSWIRE) -- Fairfax Financial Holdings Limited ("FFHL") (TSX:FFH and TSX:FFH.U) and Kuwait Projects Company (Holding) K.S.C.P. (“KIPCO”) (KW: KPRO) are pleased to announce that they have entered into an agreement (the "Agreement") pursuant to which certain affiliates of FFHL (collectively, “Fairfax”) will acquire all of the shares of Gulf Insurance Group K.S.C.P. (“GIG”) (KW: GINS) under the control of KIPCO and certain of its affiliates (the “KIPCO Sellers”), representing approximately 46.32% of the equity of GIG. Under the terms of the Agreement, the KIPCO Sellers’ shares in GIG will be acquired by Fairfax for aggregate proceeds to KIPCO of 263,653,200 Kuwaiti Dinar (approximately $860 million), representing a price per share of 2.00 Kuwaiti Dinar (approximately $6.53) per share, subject to a reduction by the amount of any dividends received by the KIPCO Sellers after January 1, 2023 (the “Transaction”). Following the closing of the Transaction, Fairfax’s equity interest in GIG will increase from 43.69% to 90.01%.
- (“KIPCO”) (KW: KPRO) are pleased to announce that they have entered into an agreement (the "Agreement") pursuant to which certain affiliates of FFHL (collectively, “Fairfax”) will acquire all of the shares of Gulf Insurance Group K.S.C.P.
- (“GIG”) (KW: GINS) under the control of KIPCO and certain of its affiliates (the “KIPCO Sellers”), representing approximately 46.32% of the equity of GIG.
- “We are excited to increase our ownership interest in GIG,” said Prem Watsa, Chairman and CEO of Fairfax.
- “Together we have grown Gulf Insurance Group into a leading player in the MENA insurance market.