Fairfax Financial has successfully offloaded its stake in RiverStone Europe to CVC Capital Partners for approximately $700m.
Under the agreement, Canada-based Fairfax also expects to receive around $235.7m post-closure as part of a contingent value instrument.
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RiverStone Europe will now operate under the name RiverStone International.
Luke Tanzer will continue to serve as the managing director of RiverStone Europe and RiverStone Europe CEO Nick Bentley will remain on the board of RiverStone Europe.
CVC Capital Partners acquired RiverStone Europe through CVC Strategic Opportunities Fund II as part of the deal, which was first announced in December 2020.
Peter Rutland managing partner and head of financial services at CVC had said at the time that RiverStone Europe is “ideally suited to CVC’s Strategic Opportunities platform”.
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By GlobalDataRiverStone Europe is a group of insurance, reinsurance, and service companies specialising in the management of legacy and run-off insurance businesses and portfolios.
In March this year, CVC Capital Partners’ Fund VII signed a definitive agreement with National Bank of Greece (NBG) to purchase 90.01% stake of Ethniki Insurance.
In the same month, RiverStone Europe concluded £370m reinsurance-to-close (RITC) deal with Hamilton Managing Agency.
In June this year, the Asian unit of the Canada-based financial group, Fairfax Asia agreed to acquire all the shares of Singapore Reinsurance held by dissenting shareholders.
Fairfax said it will exercise its right of compulsory acquisition and then delist it off the Singapore Exchange (SGX), making it a privately held firm.
