White Mountains Insurance Group, Ltd (White Mountains) has signed a definitive agreement to sell NSM Insurance Group (NSM) to investment funds affiliated with global investment firm Carlyle.
The transaction values NSM at $1.775 billion.
White Mountains expects the transaction will result in a gain of approximately $280 to its adjusted book value per share and will increase undeployed capital from c$0.4 billion to c$1.7 billion.
JP Morgan Securities LLC acted as exclusive financial advisor, and Cravath, Swaine & Moore LLP served as legal counsel, to White Mountains and NSM. Holland & Knight LLP also acted as legal advisor to NSM management.
Morgan Stanley & Co LLC acted as financial advisor, and Wachtell, Lipton, Rosen & Katz acted as legal advisor to Carlyle.
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