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Caisse, CPPIB, OTPP To Fund Intact's $2.3B Buy Of OneBeacon

by pehub.com posted 1year ago 386 views
Intact Financial Corp (TSX: IFC), a Canadian provider of property and casualty insurance, has agreed to acquire OneBeacon Insurance Group Ltd (NYSE: OB), a U.S. specialty insurer, for about $2.3 billion (US$1.7 billion) in cash. Toronto-based Intact said the deal, expected to close in the fourth quarter, will create a North American insurer with more than $2 billion in specialty lines premiums. The funding of the acquisition will include $700 million of equity financing, $340 million of which will be raised through a private offering from Caisse de dépôt et placement du Québec, Canada Pension Plan Investment Board (CPPIB) and Ontario Teachers’ Pension Plan (OTPP).