PartnerRe Ltd. (PRE) To Buy PARIS RE For Approximately $2 Billion
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PartnerRe (NYSE: PRE) announced that it has entered into definitive agreements to buy PARIS RE, a French-listed, Swiss-based diversified reinsurer. PartnerRe will exchange 0.30 of its common shares for each PARIS RE common share outstanding in a stock-for-stock transaction.
This acquisition is expected to add $1.7 billion in new shareholders' equity to PartnerRe. Separately, PARIS RE is expected to distribute $310 million (net of amount due on existing treasury shares held by PARIS RE) in cash as a return of capital to its shareholders, leading to a total transaction value of approximately $2 billion.
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