Investment management firm TowerBrook Capital Partners and private equity firm Further Global Capital Management have announced the signing of a definitive merger agreement, under which affiliates of TowerBrook and Further Global will acquire all outstanding shares of common stock of the specialty insurance company ProSight Global. The all-cash transaction is valued at about $586 million.
Under the terms of the agreement, ProSight stockholders will receive $12.85 per share of common stock, which represents a 42% premium to the closing share price as of September 23, the last trading day prior to news reports of a possible acquisition. TowerBrook will acquire a majority stake in ProSight, while Further Global will serve as a key minority co-investor. The deal is expected to close in the third quarter.