OneBeacon’s $1.7 Billion Acquisition by Intact Financial Corporation

Cravath is representing OneBeacon and White Mountains in connection with the transaction.

OneBeacon Insurance Group, Ltd. announced that it has entered into a definitive merger agreement under which Intact Financial Corporation will acquire all outstanding OneBeacon shares for $18.10 in cash per share, representing aggregate cash consideration of approximately $1.7 billion. In addition, approximately $275 million of OneBeacon debt will remain outstanding. White Mountains Insurance Group, Ltd., which owns 75.7% of OneBeacon’s outstanding common shares, also announced that it has entered into a definitive agreement to vote its shares of OneBeacon in favor of Intact Financial Corporation’s acquisition of OneBeacon.

The Cravath team is led by partners Philip A. Gelston (Picture) and Ting S. Chen and includes associates Allison M. Wein, Daniel R. Satin, Chere C. See and Jin-Kyu Baek and foreign associate attorney Jaime del Fraile on M&A matters; partner Stephen L. Gordon and associates Ashley N. Elnicki and Damien J. Rose on tax matters; partner Eric W. Hilfers, practice area attorney Romica Singh and associates Peretz Riesenberg and Sally Ye on executive compensation and benefits matters; partner David J. Kappos and associate Patrick E. Bassey on intellectual property matters; senior attorney Annmarie M. Terraciano on environmental matters; and senior attorney Jesse M. Weiss on antitrust matters.

Kramer Levin is representing OneBeacon Insurance Group Ltd., a Bermuda-domiciled public holding company, in the U.S. insurance and regulatory aspects of its acquisition with a team including Daniel A. Rabinowitz and Alexander Traum.

 

Involved fees earner: Daniel Rabinowitz – Kramer Levin Naftalis & Frankel LLP; Alexander Traum – Kramer Levin Naftalis & Frankel LLP; Philip A. Gelston – Cravath Swaine & Moore; Ting Chen – Cravath Swaine & Moore; Allison M. Wein – Cravath Swaine & Moore; Daniel Satin – Cravath Swaine & Moore; Chere See – Cravath Swaine & Moore; Jin-Kyu Baek – Cravath Swaine & Moore; Stephen Gordon – Cravath Swaine & Moore; Ashley Elnicki – Cravath Swaine & Moore; Damien Rose – Cravath Swaine & Moore; Eric Hilfers – Cravath Swaine & Moore; Romica Singh – Cravath Swaine & Moore; Peretz Riesenberg – Cravath Swaine & Moore; David Kappos – Cravath Swaine & Moore; Patrick Bassey – Cravath Swaine & Moore; Annmarie Terraciano – Cravath Swaine & Moore; Jesse Weiss – Cravath Swaine & Moore;

Law Firms: Kramer Levin Naftalis & Frankel LLP; Cravath Swaine & Moore;

Clients: White Mountains Insurance Group, Ltd.; OneBeacon Insurance Group LLC;

 

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Author: Ambrogio Visconti