Bermuda-based Aspen Insurance Holdings announced that it has agreed to repurchase approximately 4.1 million of its ordinary shares from Candover Partners Limited, one of its founding shareholders, and a trustee to a Candover employee trust. The ordinary shares are to be repurchased by Aspen for approximately $100 million.
Aspen noted that the repurchase was executed as part of its $300 million share repurchase program. The ordinary shares will be retired once purchased.
In a separate deal, Aspen indicated that Candover Partners has also agreed to sell approximately 2 million ordinary shares of Aspen in an underwritten public offering.
“Following the completion of the offering and the share repurchase, Candover Partners Limited will no longer own any shares of Aspen,” said the bulletin.
As Candover is the selling shareholder, Aspen will not receive any proceeds from the sale.
CEO Chris O’Kane commented: “We are pleased to repurchase $100 million in Aspen stock from Candover, demonstrating our commitment to active capital management which includes buying back shares. Candover has been a great owner and I appreciate the support they have given us since our inception.”
Source: Aspen – www.aspen.bm
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