The Phoenix Companies to Be Acquired by Nassau
09.29.15
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Simpson Thacher is representing The Phoenix Companies, Inc. (NYSE:PNX) in connection with its proposed sale to Nassau Reinsurance Group Holdings, L.P. (“Nassau”) for $37.50 per share in cash, or an aggregate equity purchase price of approximately $217.2 million. The transaction, which is expected to close in early 2016, is subject to stockholder and regulatory approvals and other closing conditions.
Phoenix is a life insurance company headquartered in Hartford, Connecticut, that offers products and services designed to meet financial needs in the middle income and mass affluent markets. Nassau is an insurance and reinsurance business focused on acquiring and operating onshore and offshore platforms with long tail liabilities in the life, annuity and long term care sectors.
The Simpson Thacher team includes Gary Horowitz, Eric Swedenburg, Leah Shen, Erika Tang and Clark Warthen (M&A); Larry Moss, David Mollo-Christensen and Meaghan Krupa (Executive Compensation and Employee Benefits); Gary Mandel and Jason Vollbracht (Tax); Steven DeLott (Insurance); and Peter Guryan (Competition).