Fairfax to sell RiverStone Europe to CVC for $750 mln

Fairfax Financial Holdings Ltd said on Wednesday it would sell its interests in run-off insurance services provider RiverStone Europe to private equity firm CVC Capital Partners for about $750 million.

The company could also receive an additional $235.7 million after the deal closes if certain milestones are met, it said in a statement.

OMERS, the pension plan for Ontario’s municipal employees, has also agreed to sell its interests in RiverStone Europe as part of the deal, which is expected to close in early 2021.

Fairfax said CVC would acquire RiverStone through its Strategic Opportunities Fund II.

Source: Reuters