White Mountains Insurance Group, Ltd. (White Mountains) has completed the sale of NSM Insurance Group to investment funds affiliated with global investment firm, Carlyle.
The transaction, originally announced in May, values NSM at $1.775 billion.
Additionally, it was previously reported that White Mountains expects the transaction will result in a gain of approximately $280 to its adjusted book value per share, and will also increase undeployed capital from approximately $0.4 billion to approximately $1.7 billion.
Moreover, J.P. Morgan Securities LLC acted as exclusive financial advisor, and Cravath, Swaine & Moore LLP served as legal counsel, to White Mountains and NSM.
Holland & Knight LLP also acted as legal advisor to NSM management. Morgan Stanley & Co. LLC acted as financial advisor, and Wachtell, Lipton, Rosen & Katz acted as legal advisor to Carlyle.
