Hashtag: #BusinessMergers

Horseshoe Group Acquire IKONIC Fund Services

Horseshoe Group Acquire IKONIC Fund Services

Horseshoe Group acquired IKONIC Fund Services to form an independent fund administrator and insurance manager dedicated to both the Insurance Linked Securities and the alternative fund markets. The company said the transaction, which closed last week subject to customary regulatory approvals, will “further solidify Horseshoe’s stance as... Read more of this article

Butterfield Acquires Bermuda Trust Company

Butterfield Acquires Bermuda Trust Company

The Bank of N.T. Butterfield & Son Limited announced that it has completed the acquisition of Bermuda Trust Company Ltd and the private banking investment management operations of HSBC Bank Bermuda Limited. It was announced on 27 October 2015 that Butterfield had agreed to acquire those businesses and additionally take on select HSBC Bermuda private... Read more of this article

Regulatory Authority Approve ATN/KeyTech Deal

Regulatory Authority Approve ATN/KeyTech Deal

According to the minutes of the Regulatory Authority’s meeting held earlier this month, they have approved the ATN and KeyTech deal, and it will now head to the Minister for final approval. The minutes said, “It was resolved that the joint notification filed by ATN and KeyTech seeking the Authority’s approval of a proposed concentration... Read more of this article

Assured Guaranty To Acquire CIFG Holding

Assured Guaranty To Acquire CIFG Holding

Assured Guaranty Ltd. announced that its subsidiary Assured Guaranty Corp. [AGC] has entered into an agreement to acquire CIFG Holding Inc. [CIFG]. CIFG is the parent of financial guaranty insurer CIFG Assurance North America, Inc. [CIFG NA]. The acquisition is expected to be completed mid-2016, subject to receipt of anti-trust and insurance regulatory... Read more of this article

Bermuda Florists Demco And Petals Merge

Bermuda Florists Demco And Petals Merge

Two of the island’s florists have combined forces, with Demco merging with Petals, saying that the merger will “offer clients greater accessibility to resources.” Mrs. Carmen Phillips, President of Demco, said, “The distinctive style and philosophy of Petals is a natural complement to the extensive floral services we already... Read more of this article

PartnerRe Announces Completion Of Acquisition

PartnerRe Announces Completion Of Acquisition

PartnerRe Ltd. announced that the acquisition of the Company by EXOR has been completed in accordance with the terms of the merger agreement, previously announced on August 3, 2015. Under the terms of the merger agreement, common shareholders of record as of immediately prior to the effective time of the Merger are entitled to receive per share consideration... Read more of this article

PartnerRe Shareholders To Receive $42.7M

PartnerRe Shareholders To Receive $42.7M

In a filing with the Bermuda Stock Exchange, PartnerRe Ltd. announced that Preferred Shareholders will receive a total cash payment of $42.7 million in connection with the acquisition by EXOR. The filing stated, “PartnerRe Ltd. today [Feb 17] announced that the holders of its preferred shares will receive a cash payment of approximately $42.7... Read more of this article

Phoenix To Acquire The Complete Office

Phoenix To Acquire The Complete Office

The Phoenix Stores Ltd., through its subsidiary P-Tech Ltd., will acquire The Complete Office Ltd. which will see the island’s two leading consumer electronics providers amalgamate and join forces, the company announced today. iClick, an Authorised Apple Reseller, is also included in this transaction, however, will continue to trade under the name... Read more of this article

RA Invites Comment On KeyTech & CellOne Deal

RA Invites Comment On KeyTech & CellOne Deal

The Regulatory Authority of Bermuda is inviting the public to comment on the proposed KeyTech and CellOne deal, with the response deadline set for February 12th. Comments must reach the Authority no later than 4:00pm on 12 February 2016 to be considered. Comments can be sent to the Authority via email to kmasters@rab.bm, by post or by hand to: Kyle... Read more of this article

The Phoenix Stores Acquires Kodak Express

The Phoenix Stores Acquires Kodak Express

The Phoenix Stores Ltd. has acquired ownership and control of Kodak Express, the company announced today [Feb 1]. George Grundmuller, President and CEO of The Phoenix Stores Ltd. said; “This is an exciting time for our group as with the new resources attained, we are now in a stronger position to expand on the suite of products and services we offer... Read more of this article

Fitch Ratings: Consolidation Will Continue

Fitch Ratings: Consolidation Will Continue

Consolidation in the Bermuda insurance market will continue in 2016, albeit at a slightly slower pace than 2015, according to a new Fitch Ratings report titled ‘Bermuda 2016 Market Update’. “Fragile conditions in the global re/insurance market characterized by falling prices and weakening terms and conditions are pressuring earnings... Read more of this article

IBC Inc. To Acquire IBC Bermuda From BAS

IBC Inc. To Acquire IBC Bermuda From BAS

US-based firm IBC Inc. and a group of private investors including Glen Smith, Theo Klimatsidas, and Joe Costigan, Jr. today [Jan 25] announced that they have entered into an agreement to acquire IBC Ltd. in Bermuda. “Mr. Smith and Joe Costigan, Sr. were part of the original management team who started the local IBC Ltd. company in 1987 in partnership... Read more of this article

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