Fairfax Financial Holdings Limited (TSX.TO) announced that Cunningham Lindsey Group Limited has entered into a merger agreement pursuant to which Fairfax will effectively sell its interest in Cunningham Lindsey for proceeds of approximately $260 million, subject to closing adjustments. Fairfax's interest in Cunningham Lindsey is currently recorded in its financial statements at $108.3 million.
Fairfax will invest up to approximately $35 million of the proceeds in shares of Cunningham Lindsey on closing to continue to be a minority shareholder. The transaction is expected to close in the fourth quarter.
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