Old Republic Sells Stake in Indemnity Unit in Leveraged Buyout
Old Republic International Corp. (ORI), the insurer that stopped backing home loans after capital ran short at the business, said it sold 20.6 percent of the Republic Financial Indemnity Group unit to investors in a partial leveraged buyout.
The deal is tied to a plan to spin off stock in the unit to Old Republic shareholders, the Chicago-based insurer said today in a statement distributed by PR Newswire.
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