Deals
Golden Gate-Backed Nassau to Buy Phoenix in First Acquisition
- Nassau to pay $217.2 million, or $37.50 a share for insurer
- Phoenix to become Nassau's U.S. life and annuity platform
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Nassau Reinsurance Group Holdings LP, which was formed this year with backing from private-equity firm Golden Gate Capital, agreed to buy Phoenix Cos. for about $217.2 million to push into the life insurance and annuity market in the U.S.
Nassau will pay $37.50 a share, compared with Monday’s closing price of $13.03 for Phoenix, the buyer said in a statement Tuesday. Hartford, Connecticut-based Phoenix, which was founded in 1851 to cover people who abstain from alcohol, had dropped more than 80 percent this year through Monday amid losses and accounting errors.