OneBeacon’s $1.7 Billion Acquisition by Intact Financial Corporation

On May 2, 2017, OneBeacon Insurance Group, Ltd. announced that it has entered into a definitive merger agreement under which Intact Financial Corporation will acquire all outstanding OneBeacon shares for $18.10 in cash per share, representing aggregate cash consideration of approximately $1.7 billion. In addition, approximately $275 million of OneBeacon debt will remain outstanding. White Mountains Insurance Group, Ltd., which owns 75.7% of OneBeacon’s outstanding common shares, also announced that it has entered into a definitive agreement to vote its shares of OneBeacon in favor of Intact Financial Corporation’s acquisition of OneBeacon. Cravath is representing OneBeacon and White Mountains in connection with the transaction.

The Cravath team is led by partners Philip A. Gelston and Ting S. Chen and includes associates Daniel R. Satin, Chere C. See and Jin-Kyu Baek and foreign associate attorney Jaime del Fraile on M&A matters; partner Stephen L. Gordon and associates Ashley N. Elnicki and Damien J. Rose on tax matters; partner Eric W. Hilfers, practice area attorney Romica Singh and associates Peretz Riesenberg and Sally Ye on executive compensation and benefits matters; partner David J. Kappos and associate Patrick E. Bassey on intellectual property matters; senior attorney Annmarie M. Terraciano on environmental matters; and senior attorney Jesse M. Weiss on antitrust matters.