Wednesday, Assured Guaranty Ltd. (AGO) announced that it has closed the acquisition of Financial Security Assurance Holdings Ltd. from Dexia SA, expanding its franchise in the bond insurance industry and significantly increasing its capabilities to serve issuers and investors in the municipal, public infrastructure and structured finance sectors throughout the world.
Under the terms of the agreement, the purchase price paid by Assured was about $546 million in cash and around 22.3 million common shares of Assured. Dexia will own about 13.9% of Assured's issued common shares, as a result of this transaction.
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