Approval For Intact Acquisition Of OneBeacon
OneBeacon Insurance Group announced that all regulatory approvals required to complete the previously announced acquisition of the company by Intact Financial Corporation under the terms of the merger agreement have been obtained.
The transaction is expected to be completed on September 28, 2017. Intact will acquire OneBeacon for $18.10 per common share in cash, resulting in an aggregate purchase price of approximately $1.7 billion.
Upon the completion of the acquisition, OneBeacon will be an indirect wholly-owned subsidiary of Intact, and will continue to operate as OneBeacon Insurance Group in the United States.
OneBeacon Insurance Group, Ltd. is a Bermuda-domiciled holding company that is currently publicly traded on the New York Stock Exchange under the symbol “OB.
