UAE-based International General Insurance (IGI) has concluded its previously announced merger with special purpose acquisition firm Tiberius.
The deal, first announced in October last year, is valued at nearly $390.3m.
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The deal has been wrapped after it received a nod from shareholders of both the companies.
Last month, IGI received its final approval UK regulators to complete the transaction.
The merger creates a newly public company International General Insurance Holdings (IGI Holdings) registered in Bermuda.
The new entity will trade on the Nasdaq Capital Market.
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By GlobalDataAs per the terms of the agreement, the insurance firm’s former shareholders exchanged their shares with the shares of the new Bermuda-based firm along with a total payment of $80m.
Tiberius and IGI have raised $146m of gross equity capital with nearly $40m of equity capital contributed to the balance sheet of the latter.
IGI, which founded in 2001, is engaged in underwriting a diverse portfolio of specialty lines spanning energy, property, ports and terminals, construction and engineering, financial institutions, and other fields.
It has operations across Bermuda, London, Dubai, Amman, Labuan, and Casablanca.
Tiberius is a blank check company. It was created for carrying out a merger, asset acquisition, capital stock exchange, stock purchase, reorganisation, recapitalisation, or similar business combination with one or more target businesses across the insurance sector.
