July 27, 2015 -- White Mountains Insurance Group, Ltd. today announced it has signed a definitive agreement to sell Sirius International Insurance Group, Ltd. to CM International Holding PTE Ltd., the Singapore-based investment arm of China Minsheng Investment Corp., Ltd. Cravath, Swaine & Moore LLP is representing White Mountains Insurance Group in connection with this transaction. The purchase price will be paid in cash in an amount equal to 127.3% of Sirius's closing date tangible common shareholder's equity plus $10 million. Based on Sirius's tangible common shareholder's equity of $1,748 million at December 31, 2014, the purchase price would be approximately $2,235 million.
The Cravath team is being led by partners Philip A. Gelston and Ting S. Chen and includes associates Allison M. Wein and Steven Y. Li (M&A); partner Eric W. Hilfers, practice area attorney M. C. Tania Balthazaar and associate Matthew J. Bobby (executive compensation and benefits); partner Stephen L. Gordon (tax); partner David J. Kappos and associate Nicholas A. Jackson (intellectual property); practice area attorney Gary R. Eisenman (real estate); and associate Jesse M. Weiss (antitrust). Summer associates Valerie E. Ogbannaya-Wood and Lourdes Pantin also worked on M&A matters and intellectual property matters, respectively.