Hashtag: #BusinessMergers
Nine Staff Made Redundant At Logic, North Rock
As a result of the merger of Logic and North Rock, the companies today [May 31] announced that they are going to trade collectively as Logic. The Company said that ”as a result of the merger and resulting duplication of positions, nine people were today made redundant, four of whom are non-Bermudian.” Vicki Coelho, CEO, Logic, says: “We... Read more of this article
Valeant Buys Bausch & Lomb For $8.7 Billion
Valeant — the Bermuda the Bermuda-domiciled pharmaceuticals group — announced on Monday [May 27] it plans to acquire Bausch & Lomb for $8.7 billion. The acquisition of the privately held ophthalmology business marks the biggest of the 60 takeovers made by Michael Pearson since he took over the leadership of the company which has its... Read more of this article
Canopius Merger Leads To Zacks Downgrade
New York’s Tower Group — which announced the closing of its merger with Bermuda’s Canopius Holdings in March — was downgraded by Zacks from a “neutral” rating to an “underperform” rating in a report released on Thursday [May 23]. They currently have a $18.00 target price on the stock. Zacks’ analyst wrote, “We... Read more of this article
Archer Ltd. To Sell Rental And Tubular Division
Archer Limited — an oil field service provider based in Bermuda — announced on Wednesday [May 22] that the Company has agreed to sell its North American rental and tubular division to an affiliate of Clearlake Capital Group, L.P. for approximately $244 million. The all-cash transaction is expected to close in June and is subject to regulatory... Read more of this article
Regulatory Authority Issues ICOL To Logic
The Regulatory Authority [RA] has revoked the Emergency Order it issued when it learned of the merger of internet service providers North Rock and Logic Communications. This order was preventing the companies from receiving the ICOLs [Integrated Communications Operating Licences] they would otherwise have received on 29 April with the rest of Bermuda’s... Read more of this article
Athene To Sell Aviva Life Insurance Unit
In a transaction contingent upon its pending acquisition of the US annuity and life insurance operations of Aviva plc, Bermuda-based Athene Holding Ltd. has entered into a definitive agreement to sell, through a reinsurance arrangement, Aviva USA’s life insurance business to Commonwealth Annuity and Life Insurance Co., a wholly owned subsidiary... Read more of this article
Banker Larry Slaughter Joins Lazard Ltd.
Lazard Ltd., the largest independent merger-advisory firm, hired Larry Slaughter as a managing director and vice chairman in its investment-banking business. Mr. Slaughter, 49, was previously co-head of North American investment banking at JPMorgan Chase & Co., the biggest US lender, and also served as head of European investment banking corporates... Read more of this article
Video: KeyTech & North Rock Expand On Merger
North Rock CEO Vicki Coelho and KeyTech CEO Lloyd Fray held a press conference this morning [Apr 29] to expand on the amalgamation of the two internet providers, which has now taken place. Last week Logic and North Rock announced they agreed to amalgamate, and said the new entity will be a wholly owned subsidiary of KeyTech. KeyTech is the parent company... Read more of this article
Markel Corp. Postpones Closing Of Alterra Deal
Markel Corporation said it is postponing the closing of its acquisition of Bermuda reinsurance firm Alterra Capital Holdings until May 1. The deal had been set to close this week. It was announced in December that Alterra Capital Holdings Limited would be acquired by Virginia-based insurance holding company Markel Corporation in a deal worth approximately... Read more of this article
Canopius Merger With Tower Completed
Tower Group, Inc. today [Mar. 13] announced the closing of its merger with Canopius Holdings Bermuda Limited which will become effective this evening following the close of trading on The NASDAQ Global Select Market. Upon closing of the merger, Tower will become an indirect wholly-owned subsidiary of Canopius Bermuda, which will change its name effective... Read more of this article
Markel & Alterra Shareholders Approve Merger
Markel Corporation and Alterra Capital Holdings Limited confirmed that their respective shareholders have voted in favor of all proposals necessary for the acquisition of Alterra by Markel. Completion of the transaction remains subject to receipt of regulatory approvals and other customary closing conditions and is expected to occur in the second quarter... Read more of this article
PartnerRe Ltd. Completes Acquisition Of Presidio
PartnerRe Ltd. today [Jan 2] confirmed the successful completion of its previously announced acquisition of California-based Presidio Reinsurance Group, a U.S. specialty accident and health reinsurance and insurance writer. All required regulatory approvals have been obtained. The Presidio Reinsurance Group currently underwrites approximately $250 million... Read more of this article
