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Fairfax Financial and Allied World Assurance are to merge, pursuant to which Fairfax will acquire all of the outstanding registered ordinary shares of Allied World.
Under the terms of the agreement, Allied World shareholders will receive a combination of Fairfax subordinate voting shares and cash equal to $54 per Allied World share, for a total equity value of approximately $4.9bn.
The transaction will be made through an exchange offer, followed by a squeeze-out merger.
The transaction is expected to close in the second quarter of 2017.
Allied World, through its subsidiaries and brand known as Allied World, is a global provider of innovative property, casualty and specialty insurance and reinsurance solutions. Allied World Assurance Company Holdings’ domicile is in Zug, Switzerland.
Fairfax is a Canadian holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.
Walder Wyss acts as legal counsel to Allied World on this transaction. The Walder Wyss team is being led by Urs Schenker (partner, corporate/M&A) and Alex Nikitine (partner, M&A, capital markets) and further included Thomas Meister (partner, tax), Markus Pfenninger (partner, insurance, capital markets), Sarah Schulthess (associate, M&A, capital markets) and Janine Corti (associate, tax).
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