Bermuda-based re / insurer Sirius International Insurance Group Ltd. company, Easterly Acquisition Corp. plans to become a publicly traded company that is traded on Nasdaq after a planned merger.
Under the terms of the merger agreement, Easterly a Sirius Group will join a subsidiary and become a wholly owned subsidiary of the Sirius Group.
As of June 30, 2018, the common shares of the Sirius Group for common interests of the Sirius Group will be exchanged on a GAAP basis for each share of the Sirius Group of 1.05x. you will have a combined asset that is close to $ 2.2 billion in pro forma market capitalization at the close of current shareholder ownership, which has about 7 percent of the company’s shares.
Easterly Acquisition Corp. is a privately held acquisition company backed by Easterly LLC, a private asset management company, Easterly Acquisition Sponsor, a private asset management company with interests in boutique investment management companies.
“We are pleased to be a public company despite our partnership with Easter,” said Allan Waters, president and CEO of the Sirius Group. “Access to public capital markets will facilitate and accelerate our M & A operations and our organic growth in the future,” he said.
“We are excited to make Sirius’s scale and size a company,” Easterly CEO Avshalom Kalichstein said. “We believe this process will bring tremendous value to our shareholders.”
Easterly planned a special meeting to approve the extension of the time to shareholders by November 28, 2018 to complete a business combination by November 30, 2018. The Sirius Group agreed to lend Easter to $ 0.03 per month during the extension period for each public share. This is not redeemed at Easterly’s upcoming private meeting.
With operating companies in Bermuda, Stockholm, New York and London, Sirius Group’s global branch network provides multi-line insurance and reinsurance in more than 140 countries. The company wrote a $ 1.4 million premium in gross written in 2017. The main shareholder of Sirius Group is Singapore based CMIG International Holding Pte. Ltd purchased Sirius from White Mountains Insurance Group, Ltd. in April 2016.
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