International General Insurance (IGI) has regulatory approval for its previously announced acquisition of Tiberius Acquisition, a publicly traded special purpose acquisition company.
The approval by the Bermuda Monetary Authority is one of the important steps towards successfully wrapping up the deal with Tiberius.
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The deal, however, is still awaiting the nod from additional regulatory agencies including the Prudential Regulation Authority (UK) and the Dubai Financial Services Authority.
“We intend to close the business combination two business days after satisfaction of the requisite closing conditions and approvals contained in the Business Combination Agreement, the company said in its press statement.
Following the completion of the deal, IGI will be domiciled in Bermuda as International General Insurance Holdings.
It will trade under ticker ‘IGIC’ at the NASDAQ.
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By GlobalDataTiberius and IGI inked a definitive business combination agreement in October last year.
The deal, which is expected to close this quarter, is anticipated to add approximately $120m of equity to IGI’s balance sheet.
