Fairfax acquires Brit’s outstanding shares

Shareholders will receive 305 pence per share

Fairfax Financial Holdings will acquire all outstanding shares of Brit, a Lloyd’s of London specialty insurer and reinsurer, for approximately $1.88 billion U.S.

CEO Mark Cloutier and other Brit employees will join Fairfax’s global specialty platform.

The acquisition consists of 294 million Brit shares, approximately 73 percent of Brit’s issued share capital.

Shareholders will receive 305 pence per share, representing a premium of 11.2 percent to yesterday’s closing price of 274.2 pence.

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Transcontinental Media G.P.