Syncora Holdings Ltd. Announces Agreement to Sell Syncora Guarantee Inc. for $392.5 Million to Star Insurance Holdings LLC and Corporate Governance Change
SYNCORA HOLDINGS LTD (SYCRF)
NASDAQ:AMEX Investor Relations:
syncora.com
Company Research
Source: GlobeNewswire
HAMILTON, Bermuda, Aug. 15, 2019 (GLOBE NEWSWIRE) -- Syncora Holdings Ltd. (“Syncora”) today announced the signing of an agreement to sell Syncora Guarantee Inc. (“SGI”), its wholly owned, New York financial guarantee insurance subsidiary, to Star Insurance Holdings LLC (“Star Insurance”), an entity organized by GoldenTree Asset Management LP (“GoldenTree”) on behalf of GoldenTree’s managed funds and accounts, for $392.5 million in cash, subject to adjustment. The cash purchase price for SGI represents a premium to the closing share price of Syncora’s common stock on March 1, 2019, the trading day prior to the announcement of the process. In addition to the cash purchase price, after the closing of the sale, Syncora will have cash in the amount of $32 million and specified non-core assets currently held at SGI, including certain non-cash assets of Pike Pointe Holdings, LLC and an 80% interest in Swap Financial Group LLC. The closing of the transaction remains subject to customary
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