FRFHF Fairfax Financial Holding Ltd (PK)

   By Joanne Chiu 
 

Canada-based Fairfax Financial Holdings Ltd. (FFH.T) has agreed to buy all the outstanding shares of rival Swiss insurer Allied World Assurance Co. (AWH) in a $4.9 billion cash-and-share deal.

Allied World's shareholders would receive a combination of Fairfax subordinate voting shares and cash equal to $54 per Allied World's share, the companies said in a joint statement Sunday. The offer price represents an 18% premium to Allied World's latest closing price of $45.77 Friday, it said.

The transaction, approved by the boards of directors of both companies, remains subject regulatory and shareholders' approvals. The deal is expected to close in the second quarter of 2017.

Write to Joanne Chiu at joanne.chiu@wsj.com

(END) Dow Jones Newswires

December 18, 2016 23:16 ET (04:16 GMT)

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