Business and Finance Business and Finance
Mon, October 1, 2012
[ Mon, Oct 01st 2012 ] - Market Wire
Power production September 2012
Sun, September 30, 2012
Sat, September 29, 2012
Fri, September 28, 2012

Fairfax Announces Disposition of Its Interest in Cunningham Lindsey Group Limited


Published on 2012-10-01 01:01:04 - Market Wire
  Print publication without navigation


October 01, 2012 03:00 ET

Fairfax Announces Disposition of Its Interest in Cunningham Lindsey Group Limited

TORONTO, ONTARIO--(Marketwire - Oct. 1, 2012) -

(Note: All dollar amounts in this press release are expressed in U.S. dollars.)

Fairfax Financial Holdings Limited ("Fairfax") (TSX:FFH)(TSX:FFH.U) announces 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 subject to normal closing conditions including regulatory approvals and is expected to close in the fourth quarter.

Fairfax is a financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.