MediaAlpha Closes Secondary Offering

May 13, 2024 | 0 Comments

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.

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