Overview
- Beazley shareholders will receive 1,335p per share, valuing the transaction at about £8.14bn ($10.9bn) and reflecting a roughly 59.8% premium to the January 16 closing price.
- Zurich will base the combined specialty business in London to leverage Beazley’s Lloyd’s platform while keeping the Beazley brand and leadership in place.
- Management projects more than $1bn in annual incremental revenue in the medium term and $150m in annual pre-tax cost savings by 2029.
- The agreement follows earlier rejected proposals and will result in Beazley being delisted from the London Stock Exchange and removed from the FTSE 100 once the deal completes.
- Zurich intends to fund the purchase with a mix of new debt, cash reserves and a share sale, The Times reported.