TowerBrook Capital and Further Global Capital Take ProSight Global Private
Posted on 01/16/2021
ProSight Global, Inc. was formed in 2009 and headquartered in Morristown, New Jersey. ProSight is a property and casualty insurance company writing a diverse mix of admitted and non-admitted specialty lines of business in all 50 states.
TowerBrook Capital Partners L.P. and Further Global Capital Management signed an agreement on January 15, 2021 to acquire all outstanding shares of common stock of ProSight Global, Inc., a domestic specialty insurance company, in an all-cash transaction valued at approximately US$ 586,000,000.
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 on September 23, 2020, the last trading day prior to media reports about a possible acquisition by TowerBrook. TowerBrook will acquire a majority stake in ProSight, with Further Global serving as a key minority co-investor.
Advisors
Ropes & Gray LLP and Sullivan & Cromwell LLP are serving as legal advisors to ProSight, and Barclays Capital Inc. and Goldman Sachs & Co. LLC are serving as financial advisors to ProSight. Sidley Austin LLP is serving as legal advisor to TowerBrook and Further Global, Kirkland and Ellis also advised Further Global, and Piper Sandler & Co. is serving as financial advisor to TowerBrook. Truist Securities, Inc. is acting as lead arranger on financing for the transaction. Guy Carpenter & Company, LLC is advising ProSight with respect to the reinsurance transaction.