Fairfax Financial Holdings Ltd. announced the completion of the previously announced sale of a minority stake in Fairfax’s subsidiary, Odyssey Group Holdings for an aggregate cash price of US$900 million.
An affiliate of CPPIB Credit Investments Inc., a wholly-owned subsidiary of Canada Pension Plan Investment Board, and OMERS, the defined benefit pension plan for Ontario’s municipal sector, are each acquiring a 4.995% interest in Odyssey Group.
Fairfax intends to use the proceeds from the transaction to fund its previously announced offer to repurchase for cancellation up to US$1.0 billion of its subordinate voting shares for cash at a purchase price of not less than US$425.00 and not more than US$500.00 per subordinate voting share, or “the offer,” which will expire at 5:00 p.m. (Eastern time) on Dec. 23, 2021.).
After closing, Fairfax will retain the flexibility to repurchase the interests of OMERS and CPPIB Credit Investments in Odyssey Group over time.
Fairfax is a holding company which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management.
Source: Fairfax Financial Holdings
Topics USA
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