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December 12, 2018updated 13 Dec 2018 4:59am

Aspen shareholders approve $2.6bn takeover by Apollo

Bermuda-based Aspen Insurance has announced that its shareholders have voted in favour of the $2.6bn acquisition of the company by alternative investment manager Apollo Global Management.

In August, Apollo Funds signed an agreement to buy all of the outstanding shares of Aspen for $42.75 per share in cash, and take the insurer private.

The deal includes an agreement and plan of merger among Aspen, Highlands Holdings and Highlands Merger Sub, a wholly-owned subsidiary of Highlands Holdings.

The deal will make Aspen a privately held portfolio company of the Apollo Funds.

At the time of announcing the deal in August, Apollo partner Alex Humphreys said: “We believe that Aspen benefits from strong underwriting talent, specialised expertise and longstanding client relationships which makes them well positioned in the market.

“We look forward to working with Aspen to build on the existing high quality specialty insurance and reinsurance business and we aim to leverage Apollo’s resources and deep expertise in financial services to support the Company as it embarks on its next chapter.”

The transaction is likely to conclude in the first half of next year.

Aspen provides reinsurance and insurance services through offices in Bermuda, Australia, Canada, Ireland, Singapore, Switzerland, the UAE, the UK and the US.

As of 31 December 2017, the company had $12.9bn in assets.

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