Bermuda Life Insurance Company Limited entered into an agreement to acquire a 36.9% stake in BF&M Limited (BER:BFM.BH) from Camellia Plc for approximately $100 million.

Bermuda Life Insurance Company Limited entered into an agreement to acquire a 36.9% stake in BF&M Limited (BER:BFM.BH) from Camellia Plc (AIM:CAM) for approximately $100 million on June 6, 2023. As part of the transaction, Bermuda Life Insurance will acquire 3,394,403 shares for $100 million (approximately £80.4 million). Any special dividend declared and paid by BF&M (if any) between the signing of the agreement and completion will be deducted from the cash consideration.

The disposal is conditional on the satisfaction of certain conditions, including regulatory and tax approvals and notifications in a number of jurisdictions, and the satisfaction of customary conditions precedent. Subject to the satisfaction or waiver of these conditions, completion is expected in Autumn 2023. Emma Earl and Rupert Dearden of Panmure Gordon & Co Limited acted as financial advisor to Camellia.

As of June 9, 2023. The transaction is expected to close in late third-quarter 2023 to fourth-quarter 2023. Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Argus Group Holding Limited.