Deals
XL Group Agrees to Acquire Catlin for $4.2 Billion
This article is for subscribers only.
XL Group Plc agreed to purchase Catlin Group Ltd., a Lloyd’s of London company, for about 2.8 billion pounds ($4.2 billion) as the buyer expands in specialized commercial insurance.
XL said it will pay 388 pence in cash and 0.13 of its own shares for each Catlin share, valuing Catlin at 715.3 pence a share based on yesterday’s closing prices, according to a statement today. Catlin, based in Bermuda, announced on Dec. 17 that XL had made a tentative offer of about 2.5 billion pounds.