White Mountains’s $2.2 Billion Sale of Sirius to CMI

On July 27, 2015, White Mountains Insurance Group, Ltd. announced it has signed a definitive agreement to sell Sirius International Insurance Group, Ltd. to CM International Holding PTE Ltd., the Singapore‑based investment arm of China Minsheng Investment Corp., Ltd. (“CMI”). Cravath represented White Mountains Insurance Group in connection with this transaction. The purchase price will be paid in cash in an amount equal to 127.3% of Sirius’s closing‑date tangible common shareholder’s equity plus $10 million. Based on Sirius’s tangible common shareholder’s equity of $1.748 billion at December 31, 2014, the purchase price would be approximately $2.235 billion.

The Cravath team was led by partners Philip A. Gelston and Ting S. Chen and included associate Steven Y. Li on M&A matters; partner Eric W. Hilfers, practice area attorney M. C. Tania Balthazaar and associate Matthew J. Bobby on executive compensation and benefits matters; partner Stephen L. Gordon on tax matters; partner David J. Kappos and associate Nicholas A. Jackson on intellectual property matters; practice area attorney Gary R. Eisenman on real estate matters; and associate Jesse M. Weiss on antitrust matters. Summer associates Valerie E. Ogbonnaya‑Wood and Lourdes Pantin also worked on M&A matters and intellectual property matters, respectively.