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Pembroke, Bermuda-based PartnerRe Ltd. said July 5 that it entered into definitive agreements to acquire PARIS RE Holdings Ltd., a French-listed, Switzerland-based reinsurer, in a stock-for-stock transaction valued at about $2 billion.
This acquisition is expected to add $1.7 billion in new shareholders equity to PartnerRe. Separately, PARIS RE is expected to distribute $310 million, net of the amount due on existing treasury shares held by PARIS RE, in cash as a return of capital to its shareholders.
In the first step of the transaction, PartnerRe, which recently acquired a stake of about 6% in PARIS RE, will acquire an additional 57% stake in PARIS RE in a stock-for-stock...