Canada Pension Plan Investment Board to Acquire Stake in Enstar from First Reserve
May 29 2015 - 5:36PM
HAMILTON, Bermuda, May
29, 2015 (GLOBE NEWSWIRE) -- Enstar Group Limited ("Enstar")
(Nasdaq:ESGR) announced today that Canada Pension Plan Investment
Board ("CPPIB") has entered into an agreement to acquire
approximately 1.9 million voting and non-voting ordinary shares of
Enstar from private equity firm First Reserve. The shares represent
an economic ownership interest in Enstar of approximately
9.9%. The transaction is expected to be completed next
week.
Dominic Silvester, Enstar's Chief Executive Officer, said, "We are
gratified by CPPIB's interest in Enstar and are pleased that they
have pursued the acquisition of a significant stake in our
company. We have known the team at CPPIB for several years and
have tremendous respect for their organization. I believe that
they will be a valuable partner for Enstar, and we look forward to
a long and productive relationship together."
In connection with the transaction, CPPIB will be granted
contractual shareholder rights, including a board representation
right, that are substantially the same as those rights currently
held by First Reserve, and First Reserve will waive or terminate
its existing contractual shareholder rights, including its board
representation right. Ken Moore, Managing Director of First
Reserve and a member of Enstar's board of directors, will step down
from Enstar's board upon completion of the transaction. Enstar
expects to appoint a new director affiliated with CPPIB at a future
time.
About Canada Pension Plan Investment
Board
CPPIB is a professional investment management organization that
invests the funds not needed by the Canada Pension Plan (CPP) to
pay current benefits on behalf of 18 million contributors and
beneficiaries. In order to build a diversified portfolio of CPP
assets, CPPIB invests in public equities, private equities, real
estate, infrastructure and fixed income
instruments. Headquartered in Toronto, with offices in Hong
Kong, London, Luxembourg, New York City and São Paulo, CPPIB is
governed and managed independently of the Canada Pension Plan and
at arm's length from governments. At March 31, 2015, the CPP
Fund totaled $264.6 billion. For more information about CPPIB,
please visit www.cppib.com.
About Enstar
Enstar Group Limited and its operating subsidiaries acquire and
manage diversified insurance businesses through a network of
service companies in Bermuda, the United States, the United
Kingdom, Continental Europe, Australia, and other international
locations. Enstar is a market leader in completing legacy
acquisitions, having acquired over 65 companies and portfolios
since its formation in 2001. Enstar's active underwriting
businesses include the Atrium group of companies, which manage and
underwrite specialist insurance and reinsurance business for
Lloyd's Syndicate 609, and the Torus group of companies, an A-
rated global specialty insurance group with multiple global
underwriting platforms. For further information about Enstar, see
www.enstargroup.com.
Cautionary Statement
This press release is neither an offer to sell nor
a solicitation of an offer to buy any Enstar securities for or on
behalf of any person. This press release contains certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements include
statements regarding the intent, belief or current expectations of
Enstar and its management team. Investors are cautioned that any
such forward-looking statements speak only as of the date they are
made, are not guarantees of future performance and involve risks
and uncertainties, and that actual results may differ materially
from those projected in the forward-looking statements as a result
of various factors. Important risk factors regarding Enstar may be
found under the heading "Risk Factors" in Enstar's Form 10-K for
the year ended December 31, 2014, and are incorporated herein by
reference. Furthermore, Enstar undertakes no obligation to update
any written or oral forward-looking statements or publicly announce
any updates or revisions to any of the forward-looking statements
contained herein, to reflect any change in its expectations with
regard thereto or any change in events, conditions, circumstances
or assumptions underlying such statements, except as required by
law.
CONTACT: Richard J. Harris
Telephone: (441) 292-3645
|
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Enstar Group Limited via Globenewswire
HUG#1925171
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