Markel Corp. (MKL) and Alterra Capital Holdings Ltd. (ALTE) Wednesday said they have received approval from their respective boards of directors for a definitive merger agreement, pursuant to which Markel will acquire Alterra for an aggregate consideration of approximately $3.13 billion.
Upon close of transaction, each Alterra common share will be converted into the right to receive 0.04315 Markel common shares and additional $10 in cash.
Markel's shareholders will own approximately 69 percent of the combined company, while Alterra's shareholders will own remaining 31 percent.
Looking ahead, the company believes that the merger will also provide a robust foundation for strong financial performance going forward. The combination will also expand Markel's insurance business and strengthen its diversified franchise.
The transaction is expected to close in the first half of 2013, subject to shareholder and regulatory approvals.
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