MediaAlpha Prices Secondary Offering

March 20, 2021 | 0 Comments

MediaAlpha, Inc. priced a secondary offering of 7,000,000 shares of its Class A common stock by certain selling stockholders.

A spokesperson said, “White Mountains Insurance Group, Ltd. announced today that MediaAlpha, Inc. [MediaAlpha] priced a secondary offering of 7,000,000 shares of its Class A common stock by certain selling stockholders. The shares of Class A common stock are being sold to the public at a price of $46 per share. MediaAlpha is not offering any shares of Class A common stock in the offering.

“In the offering, 3,122,460 shares are being offered by White Mountains. Following the completion of the offering, White Mountains will own 17,409,742 MediaAlpha shares, representing a 27% fully-diluted ownership interest. At the secondary offering price, the value of White Mountains’s remaining equity ownership stake is approximately $800 million. White Mountains will receive net cash proceeds of about $140 million from the offering.

“The offering is expected to close on March 23, 2021, subject to customary closing conditions. In connection with the offering, the underwriters will have a 30-day over-allotment option to purchase up to an additional 469,744 shares offered by White Mountains.”

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