Transatlantic Holdings, Inc./Allied World Assurance Co.
On June 13, 2011, Transatlantic Holdings, Inc. (NYSE: TRH) and Allied World Assurance Company Holdings, AG (NYSE: AWH) entered into a definitive agreement whereby the two companies will merge into one.
The transaction is structured as a merger of equals, with shareholders of Transatlantic receiving 0.88 Allied World common shares for each Transatlantic common share held. Following the merger, Transatlantic shareholders will own approximately 58% of the combined company on a fully diluted basis, with Allied World shareholders owning approximately 42%. The deal is valuated at $3.2 billion. Allied World closed at $51.10 on June 10th.
The combined company will operate under a holding company structure with the corporate name TransAllied Group Holdings, AG, offering specialty insurance and reinsurance products and services via two distinct brands – Transatlantic Reinsurance and Allied World Insurance.
Closign is expected in Q411.
Goldman, Sachs & Co. and Moelis & Co. LLC acted as financial advisors to Transatlantic and Gibson, Dunn & Crutcher LLP and Lenz & Staehelin acted as U.S. and Swiss legal counsel, respectively. Deutsche Bank Securities Inc. acted as financial advisor to Allied World and Willkie Farr & Gallagher LLP and Baker & McKenzie acted as U.S. and Swiss legal counsel, respectively.
The transaction is structured as a merger of equals, with shareholders of Transatlantic receiving 0.88 Allied World common shares for each Transatlantic common share held. Following the merger, Transatlantic shareholders will own approximately 58% of the combined company on a fully diluted basis, with Allied World shareholders owning approximately 42%. The deal is valuated at $3.2 billion. Allied World closed at $51.10 on June 10th.
The combined company will operate under a holding company structure with the corporate name TransAllied Group Holdings, AG, offering specialty insurance and reinsurance products and services via two distinct brands – Transatlantic Reinsurance and Allied World Insurance.
Closign is expected in Q411.
Goldman, Sachs & Co. and Moelis & Co. LLC acted as financial advisors to Transatlantic and Gibson, Dunn & Crutcher LLP and Lenz & Staehelin acted as U.S. and Swiss legal counsel, respectively. Deutsche Bank Securities Inc. acted as financial advisor to Allied World and Willkie Farr & Gallagher LLP and Baker & McKenzie acted as U.S. and Swiss legal counsel, respectively.
