AXIS Capital to Acquire Novae for £468 Million
07.06.17
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Simpson Thacher is representing AXIS Capital Holdings Limited (NYSE: AXS) in connection with its announced acquisition of UK Insurer Novae Group plc (LON: NVA) for £468 million. The move will create an approximately $2 billion player in the London specialty market and a top 10 insurer in the Lloyd’s market. Under the terms of the acquisition, Axis will pay 700 pence per share for Novae, a 20% premium to the share price on July 4 and a multiple of one and a half times Novae’s net tangible book value.
Novae is one of the few remaining Lloyd’s insurers listed on the London Stock Exchange.
AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance.
The Simpson Thacher team includes Ben Spiers, Ben Squires, Audrey Fassi-Fihri and Hamesh Khatkar (Corporate); and David Vann and Alessia De Quincey (Antitrust).