Gulf Insurance Group is acquired by Fairfax of Canada for $860 million from KIPCO.
Canada Dollar Rate: $860 Million From KIPCO
Gulf Insurance Group (GIG) was acquired by Fairfax Financial Holdings Ltd. for US$860 million from Kuwait Projects Co. (KIPCO) and a few of its affiliates.
Initially revealed in April 2023, the transaction accounts for roughly 46.32% of GIG’s equity and increases Fairfax’s ownership stake in the business to 90.01% from 43.69%.
Paul Adamson, the CEO of GIG Gulf, and Khaled Saoud al Hasan, the group CEO of GIG, will continue to lead GIG.
As per the guidelines set forth by Kuwait’s Capital Markets Authority, Fairfax plans to initiate a mandatory tender offer for all other GIG shareholders during the first quarter of 2024.
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Prem Waste, chairman and CEO of Fairfax, stated, “We are thrilled to have GIG and its experienced and talented team led by Khaled Saoud Al Hasan and Paul Adamson join the Fairfax Group.”
“We look forward to working with Khaled, Paul, and the entire GIG team to further develop GIG’s business over the long term. GIG has a very strong presence in the Middle East and North Africa.”
based in Toronto Fairfax is a holding company that primarily engages in property and casualty insurance, reinsurance, and related investment management through its subsidiaries.
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