Fairfax Financial Holdings Limited completed the acquisition of a 46.32% stake in Gulf Insurance Group K.S.C.P. from Kuwait Projects Company Holding K.S.C.P. for approximately KWD 270 million.
Fairfax Financial Holdings Limited (TSX:FFH) completed the acquisition of a 46.32% stake in Gulf Insurance Group K.S.C.P. (KWSE:GINS) from Kuwait Projects Company Holding K.S.C.P. (KWSE:KPROJ) for approximately KWD 270 million on December 14, 2023. As a part of closing, 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 proceeds of the sale of KIPCO?s stake in GIG will provide liquidity to further strengthen KIPCO?s capital structure and reduce its leverage. London Corporate Partner George Marshall and Dubai Corporate Partner Abeer Jarrar, Hani Nassef from corporate, Nick Tostivin of Banking and Finance, Samantha Mobley, David Monnier and Mohamed Elfar from Competition, Trade and Foreign Investment team and Alistair Craig, Reggie Mezu and Marina Tokunova from Tax team of Baker McKenzie has advised Fairfax Financial Holdings Limited on its acquisition of KIPCO's 46.32% shareholding in Gulf Insurance Group K.S.C.P.