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Bullboard - Stock Discussion Forum Fairfax Financial Holdings Ltd FRFFF


Primary Symbol: T.FFH Alternate Symbol(s):  FXFLF | T.FFH.PR.I | FRFXF | T.FFH.PR.J | FRFZF | T.FFH.PR.K | T.FFH.PR.M | T.FFH.PR.C | FAXRF | T.FFH.PR.D | FFHPF | FAXXF | FRFGF | T.FFH.PR.E | FRFHF | T.FFH.PR.F | T.FFH.PR.G | FXFHF | T.FFH.PR.H

Fairfax Financial Holdings Limited is a Canada-based holding company. The Company, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and the associated investment management. The Company’s segments include Property and Casualty Insurance and Reinsurance, Life insurance and Run-off and Non-insurance companies. The Property and Casualty Insurance and... see more

TSX:FFH - Post Discussion

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Post by retiredcf on Apr 19, 2023 9:28am

NR

08:02 AM EDT, 04/19/2023 (MT Newswires) -- Fairfax Financial Holdings Ltd. (FFH.TO) and Kuwait Projects Co. (Holding) K.S.C.P. (KW: KPRO) said Wednesday that certain affiliates of Fairfax Financial will buy all of the shares of Gulf Insurance Group K.S.C.P. (KW: GINS) under the control of KIPCO and certain of its affiliates, representing about 46.32% of the equity of Gulf Insurance Group.

Under the agreement, Fairfax will buy the KIPCO sellers' shares in Gulf Insurance Group for proceeds to Kuwait Projects of about 263.7 million Kuwaiti dinars ($1.16 billion), representing a price per share of 2 Kuwaiti dinars per share.

After the closing of the deal, Fairfax's equity interest in Gulf Insurance Group will increase to 90.01% from 43.69%.

Following the settlement of the transaction, the KIPCO sellers will return to Fairfax in cash the full purchase price less an amount of Kuwaiti dinar equal to US$200 million ($268.9 million), together with a cash payment equal to all dividends received by the KIPCO sellers from Gulf Insurance Group after Jan. 1, and Fairfax will deliver to Kuwait Projects a payment deed requiring Fairfax to make four equal annual payments of $165 million to KIPCO starting on the first anniversary of the closing of the transaction.

The deal is expected to close in the second half of 2023.

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