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November 30, 2018

AmTrust-Evergreen $2.7bn merger deal receives regulatory nod

AmTrust has secured all the regulatory approvals to conclude the $2.7bn merger with Evergreen Parent that will enable the American property and casualty insurer go private.

In July, Bermudian insurer Enstar and American private equity firm Madison Dearborn Partners (MDP) reached an agreement with Evergreen Parent to participate in portion of equity financing for take-private transaction of AmTrust Financial Services.

Evergreen Parent is an entity established by private equity funds managed by Stone Point Capital and the Karfunkel-Zyskind Family.

Under the transaction Evergreen will take 45% of AmTrust’s shares not already owned by Stone Point Capital and the Karfunkel-Zyskind Family.

In January, Stone Point and the Karfunkel-Zyskind Family offered to acquire AmTrust’s remaining shares for a price of $12.25 per share, however they improved their offer to $13.50 per share in March and then again to $14.75 per share in June.

The current offer of $14.75 per share was approved by AmTrust stockholders at a special meeting of stockholders held in June 2018.

The deal values the fully diluted equity of AmTrust at almost $2.95bn, excluding outstanding preferred stock.

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