EXOR confirms transaction expected to close in the first quarter of 2016
The special general meeting of PartnerRe shareholders, which was held today in Pembroke (Bermuda), approved the adoption of the merger agreement signed by EXOR S.p.A. on August 2nd.
As announced, under the merger agreement EXOR will acquire all of the outstanding common shares of PartnerRe for $137.50 per share in cash plus a $3.00 per share special dividend, for a total consideration of $140.50 per share, valuing PartnerRe at approximately $6.9 billion.
EXOR also advises that it has obtained all required clearances from antitrust authorities and that it has begun to receive the insurance regulatory approvals required for closing. EXOR is confident that the remaining insurance regulatory approvals will be obtained in line with the originally anticipated schedule, and therefore confirms that it expects the transaction to close in the first quarter of 2016.
EXOR (Bloomberg: EXO IM, Reuters: EXOR.MI) is one of Europe’s leading investment companies and is controlled by the Agnelli Family. With a NAV (Net Asset Value) of around €12 billion, EXOR focuses on global businesses primarily based in Europe and in the U.S. and actively participates in building its companies for the long term.
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