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 story : Fairfax selling stake in Odyssey Re to Canadian pension funds #FinanceUSA #StockMarketNEWS Fairfax Financial Holdings Ltd. said Wednesday it agreed to sell a roughly 5% interest in its U.S. based

@stockMarketNEWS 19 Days ago

Posted in: #FinanceUSA #StockMarketNEWS

Fairfax selling stake in Odyssey Re to Canadian pension funds #FinanceUSA #StockMarketNEWS
Fairfax Financial Holdings Ltd. said Wednesday it agreed to sell a roughly 5% interest in its U.S. based reinsurance and insurance unit Odyssey Group Holdings Inc. for 0 million to Canadian pension funds CPPIB Credit Investments and OMERS. The buyers will acquire 100% of a new series of securities that represent the stake in Odyssey Group Holdings. Fairfax will retain flexibility to repurchase the interests of OMERS and CPPIB Credit Investments in Odyssey Group over time. Fairfax also announced an offer to repurchase for cancellation up to billion of its subordinate voting shares from shareholders for cash. The offer will be in the form of a modified Dutch auction at a prices range from 5 to 0 per share. Fairfax Financial shares rose 2% in premarket trades.


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