International General Insurance (IGI) has received all regulatory approvals in the UK for its previously announced acquisition of Tiberius Acquisition.
IGI has received the final approvals from UK Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) to complete the acquisition.
Go deeper with GlobalData
The company received both PRA and FCA approvals earlier this week.
In October last year, IGI inked the business combination agreement with Tiberius to get listed on Nasdaq Capital Market.
Under the terms of the deal, IGI will be the parent holding company of the combined entity.
The deal has been valued at nearly $398m based on IGI share price as of 30 June 2019.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataFollowing the completion of the deal, IGI will be based in Bermuda as International General Insurance Holdings and the existing IGI will become its subsidiary.
It will trade under ticker ‘IGIC’ at the NASDAQ.
The acquisition of special purpose acquisition firm Tiberius is expected to add nearly $120m of equity in IGI’s balance sheet.
Last month, IGI secured the regulatory approvals from Bermuda regulators.
The deal is expected to be completed by the end of this quarter.
