PartnerRe To Be Acquired By EXOR For About $6.9 Bln - Quick Facts

(RTTNews) - Reinsurer PartnerRe Ltd. (PRE) Monday said it signed a definitive agreement for the company to be acquired by Italian investment firm EXOR S.p.A., which is controlled by the Agnelli family. This follows the decision of PartnerRe to terminate its amalgamation agreement with AXIS Capital and to cancel the Special General Meeting planned for August 7, 2015.

As per the deal, EXOR will pay $140.50 per share in cash for each share of PartnerRe, which includes a special pre-closing dividend of $3.00 per share, thus valuing the deal at about $6.9 billion. This is in addition to ordinary quarterly dividends through closing. The agreement is not subject to due diligence and is not conditioned on financing.

As per the agreement, which also includes a "go-shop" period, PartnerRe preferred shareholders will also receive the enhancements announced on July 20, 2015.

In connection with the termination of the amalgamation agreement, AXIS Capital will receive $315 million from PartnerRe.