Fairfax Financial Holdings has completed its acquisition of all of the shares of Gulf Insurance Group (GIG) under the control of Kuwait Projects Company (Holding), bringing Fairfax’s equity interest in GIG from 43.69% to 90.01%.
The acquisition was first reported back in April when Fairfax revealed it would be buying the additional 46.32% interest for about $860 million.
Fairfax has now disclosed that GIG will continue to be led by Khaled Saoud al Hasan, Group CEO of GIG, and Paul Adamson, CEO of GIG Gulf.
Following the regulations of the Capital Markets Authority of Kuwait, Fairfax also noted that it intends to launch a mandatory tender offer to all other shareholders of GIG in the first quarter of 2024.
Prem Watsa, Chairman and CEO of Fairfax, commented, “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.
“GIG has a very strong presence in the Middle East and North Africa region, and we look forward to working with Khaled, Paul and the entire GIG team to further develop GIG’s business over the long term.”
