Saudi Reinsurance Company announces signing a share purchase agreement for the sale of its entire stake in Probitas Holdings (Bermuda) Limited (PHBL)

Saudi Reinsurance Company announces signing a share purchase agreement for the sale of its entire stake in Probitas Holdings (Bermuda) Limited (PHBL)

Element List

Explanation

Introduction

Saudi Reinsurance Company (Saudi Re) Announces signing of an agreement to sell its entire stake, which represents 49.9%, in Probitas Holdings (Bermuda) Limited (PHBL), including its subsidiaries.

Transaction Details

Saudi Re has signed a share purchase agreement with Aviva Insurance Limited for the sale of Saudi Re's entire 49.9% stake in Probitas Holdings (Bermuda) Limited (PHBL), including its subsidiaries, consideration of GBP 120,000,000, to be paid in cash, subject to final closing adjustments,

Transaction Value

GBP 120,000,000 subject to final closing adjustments.

Transaction Terms

Customary closing conditions, including regulatory approvals from relevant authorities, and the transaction is expected to close in mid-2024.

Parties of the Transaction

• Saudi Reinsurance "Saudi Re" (as the seller). • Aviva Insurance Limited (as the buyer).

Transaction Funding Method

N/A

Transaction Execution Date

2024-03-03 Corresponding to 1445-08-22

Description of the Business of the Asset forming the Subject Matter of the Transaction

Probitas Holdings (Bermuda) Ltd. Company is based in Bermuda and specializes in Insurance and Reinsurance services and owns Probitas Corporate Capital Limited, Probitas 1492 Services Limited, Probitas Holdings