MediaAlpha Closes Secondary Offering
White Mountains Insurance Group, Ltd. announced that MediaAlpha, Inc. closed its previously announced underwritten secondary public offering of 7,590,000 shares [including 990,000 shares sold pursuant to the underwriters' option to purchase additional shares] of its Class A common stock by certain selling stockholders.
A spokesperson said, “The shares of Class A common stock were sold to the public at a price of $19.00 per share. MediaAlpha did not sell any shares of Class A common stock in the offering.
“White Mountains sold 5,000,200 shares in the offering and received net cash proceeds of approximately $90 million from the offering. Following the completion of the offering, White Mountains owns 17,856,614 shares of MediaAlpha Class A common stock, representing a 25% fully-diluted ownership interest.”
White Mountains is a Bermuda-domiciled financial services holding company traded on the New York Stock Exchange under the symbol WTM and on the Bermuda Stock Exchange under the symbol WTM.BH.
