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XL Group $4.1 billion acquisition of Catlin Group

1/5/2015
Public acquisition
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$ 4.1 billion

Completed

1/5/2015

Overview:

  • XL Group has acquired fellow insurer Catlin Group for $4.1 billion.
  • The acquisition was implemented by a two-step integrated process comprising a Bermudan scheme of arrangement and a Bermudan merger.
  • XL Group is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms and insurance companies.
  • Catlin Group is a insurer and reinsurer domiciled in Bermuda and listed on the LSE.
  • Morgan Stanley and Goldman Sachs served as financial advisers to XL. JPMorgan Chase, Barclays and Evercore served as financial advisers to Catlin.
  • The deal was part financed through a $1 billion subordinated loan.

Sam Duke - Editor

Jurisdictions:

United States
Bermuda
Ireland
United Kingdom

Deal type:

Public acquisition

Practice area:

M&A

Industry sector:

Insurance

Firms:
A&L Goodbody

Party: XL Group (Acquirer)

Lawyer: David Widger

Appleby

Party: Catlin Group (Target)

ASW Law

Party: XL Group (Acquirer)

Lawyer: Neil Horner

Debevoise & Plimpton

Party: Catlin Group (Target)

Lawyers: Alexander Cochran, Nicholas Potter

Herbert Smith Freehills

Party: Morgan Stanley (Financial adviser, Lender)

Party: Goldman Sachs (Financial adviser, Lender)

Lawyer: Kristen Roberts

Skadden Arps Slate Meagher & Flom

Party: XL Group (Acquirer)

Lawyers: Robert Stirling, Scott Hopkins

Slaughter and May

Party: Catlin Group (Target)

Lawyer: Simon Nicholls

Weil Gotshal & Manges

Party: Morgan Stanley (Lender, Financial adviser)

Party: Goldman Sachs (Lender, Financial adviser)

Lawyers: Michael Aiello, Peter King (retired), Tom Richards

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