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Canadian firm Fairfax Financial Holding has completed the acquisition of an additional $860 million stake in Gulf Insurance Group (GIG), raising its shareholding in the firm to 90.01%.
The acquisition was revealed in April, with Fairfax agreeing to buy all the shares of GIG under the control of Kuwait Projects Company (Kipco) for KD263.7 million ($860 million). The shares represent 46.3% of the equity of GIG.
On closing, Fairfax’s equity interest in GIG has increased to 90.01%, Fairfax said in a statement.
The company said GIG will continue under the leadership of Khaled Saoud Al Hasan, Group CEO of GIG, and Paul Adamson, CEO of GIG Gulf.
“In accordance with the regulations of the Capital Markets Authority of Kuwait, Fairfax intends to launch a mandatory tender offer to all other shareholders of GIG in the first quarter of 2024,” the firm said.
Fairfax is primarily engaged in property and casualty insurance and reinsurance. Over nearly four decades, the company has written $229 billion in cumulative premiums, according to its website.
(Writing by Cleofe Maceda; editing by Seban Scaria)
