White Mountains Insurance Group, Ltd. (NYSE:WTM) entered into an agreement to acquire 72.8% majority stake in Bamboo Ide8 Insurance Services, LLC on October 19, 2023. Immediately following the Merger, White Mountains will indirectly make a primary investment in Bamboo. As a result of the Transactions, White Mountains expects to indirectly acquire approximately 70% of the issued and outstanding equity interests of Bamboo for approximately $285 million in cash.

White Mountains?s final ownership interest could range between a minimum of approximately 62% of Bamboo and a maximum of approximately 81% of Bamboo. White Mountains?s aggregate equity investment in connection with the Transactions could range between a minimum of approximately $246 million and a maximum of approximately $323 million. Completion of the Transactions is subject to receipt of certain regulatory approvals and other customary closing conditions.

The transaction is expected to close in the first quarter of 2024. Howden Tiger Capital Markets & Advisory acted as financial advisor to White Mountains and David J. Perkins, Maurio A. Fiore, Christopher K. Fargo, Amanda Hines Gold, David J. Kappos, Jesse M. Weiss, Kiran Sheffrin, Christopher P. Davis, Annmarie M. Terraciano, and Brian M. Budnick of Cravath, Swaine & Moore LLP provided legal advice. Evercore Group, L.L.C. acted as financial advisor to Bamboo and selling equityholders, while Gregory Astrachan and Howard Block of Willkie Farr & Gallagher LLP provided legal advice.