By Colin Kellaher
Maiden Holdings said it has struck a deal to combine with privately held Kestrel Group to form a new fee-revenue-focused specialty insurance group.
Maiden on Monday said a newly formed Bermuda company will acquire both Maiden and Kestrel in a deal that values Kestrel at up to $167.5 million, including upfront cash of $40 million, 55 million common shares valued at $82.5 million and an earnout of up to $45 million payable in stock.
Maiden said its investors will receive one share of the new company, which will be named as Kestrel Group, for each share held.
The deal is slated to close in the first half of 2025.
Trading in shares of Maiden, which closed Friday at $1.25, was halted premarket Monday.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
December 30, 2024 07:24 ET (12:24 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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