Canada Pension Plan Investment Board to Acquire Stake in Enstar from First Reserve
(Thomson Reuters ONE) -
HAMILTON, Bermuda, May 29, 2015 (GLOBE NEWSWIRE) -- Enstar Group Limited
("Enstar") (Nasdaq:ESGR) announced today that Canada Pension Plan Investment
Board ("CPPIB") has entered into an agreement to acquire approximately 1.9
million voting and non-voting ordinary shares of Enstar from private equity firm
First Reserve. The shares represent an economic ownership interest in Enstar of
approximately 9.9%. The transaction is expected to be completed next week.
Dominic Silvester, Enstar's Chief Executive Officer, said, "We are gratified by
CPPIB's interest in Enstar and are pleased that they have pursued the
acquisition of a significant stake in our company. We have known the team at
CPPIB for several years and have tremendous respect for their organization. I
believe that they will be a valuable partner for Enstar, and we look forward to
a long and productive relationship together."
In connection with the transaction, CPPIB will be granted contractual
shareholder rights, including a board representation right, that are
substantially the same as those rights currently held by First Reserve, and
First Reserve will waive or terminate its existing contractual shareholder
rights, including its board representation right. Ken Moore, Managing Director
of First Reserve and a member of Enstar's board of directors, will step down
from Enstar's board upon completion of the transaction. Enstar expects to
appoint a new director affiliated with CPPIB at a future time.
About Canada Pension Plan Investment Board
CPPIB is a professional investment management organization that invests the
funds not needed by the Canada Pension Plan (CPP) to pay current benefits on
behalf of 18 million contributors and beneficiaries. In order to build a
diversified portfolio of CPP assets, CPPIB invests in public equities, private
equities, real estate, infrastructure and fixed income
instruments. Headquartered in Toronto, with offices in Hong Kong, London,
Luxembourg, New York City and São Paulo, CPPIB is governed and managed
independently of the Canada Pension Plan and at arm's length from
governments. At March 31, 2015, the CPP Fund totaled $264.6 billion. For more
information about CPPIB, please visit www.cppib.com.
About Enstar
Enstar Group Limited and its operating subsidiaries acquire and manage
diversified insurance businesses through a network of service companies in
Bermuda, the United States, the United Kingdom, Continental Europe, Australia,
and other international locations. Enstar is a market leader in completing
legacy acquisitions, having acquired over 65 companies and portfolios since its
formation in 2001. Enstar's active underwriting businesses include the Atrium
group of companies, which manage and underwrite specialist insurance and
reinsurance business for Lloyd's Syndicate 609, and the Torus group of
companies, an A- rated global specialty insurance group with multiple global
underwriting platforms. For further information about Enstar, see
www.enstargroup.com.
Cautionary Statement
This press release is neither an offer to sell nor a solicitation of an offer to
buy any Enstar securities for or on behalf of any person. This press release
contains certain forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements include statements
regarding the intent, belief or current expectations of Enstar and its
management team. Investors are cautioned that any such forward-looking
statements speak only as of the date they are made, are not guarantees of future
performance and involve risks and uncertainties, and that actual results may
differ materially from those projected in the forward-looking statements as a
result of various factors. Important risk factors regarding Enstar may be found
under the heading "Risk Factors" in Enstar's Form 10-K for the year ended
December 31, 2014, and are incorporated herein by reference. Furthermore, Enstar
undertakes no obligation to update any written or oral forward-looking
statements or publicly announce any updates or revisions to any of the forward-
looking statements contained herein, to reflect any change in its expectations
with regard thereto or any change in events, conditions, circumstances or
assumptions underlying such statements, except as required by law.
CONTACT: Richard J. Harris
Telephone: (441) 292-3645
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Enstar Group Limited via GlobeNewswire
[HUG#1925171]
Unternehmensinformation / Kurzprofil:
Datum: 29.05.2015 - 23:36 Uhr
Sprache: Deutsch
News-ID 396932
Anzahl Zeichen: 5388
contact information:
Town:
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Kategorie:
Business News
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"Canada Pension Plan Investment Board to Acquire Stake in Enstar from First Reserve"
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