Deals
Markel to Buy Alterra for $3.1 Billion to Add Reinsurance
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Markel Corp., the seller of property-casualty coverage, agreed to buy Alterra Capital Holdings Ltd. for about $3.13 billion in cash and stock to expand in reinsurance.
Investors in Bermuda-based Alterra will get 0.043 Markel share and $10 in cash for each share they own, the companies said in a statement today. Based on Markel’s closing price yesterday of $486.05, the deal values Alterra at about $30.97 a share. That’s 34 percent more than Alterra’s close yesterday of $23.15.