Apollo, CVC To Buy Brit Insurance For $1.4B

Law360, New York (October 26, 2010, 4:08 PM EDT) -- Brit Insurance Holdings NV agreed Tuesday to the terms of a cash takeover offer worth up to £888 million ($1.4 billion) by Apollo Management VII LP and CVC Capital Partners Ltd.

Apollo began courting Brit Insurance in June, and ultimately teamed up with CVC Capital to seal the deal. The two will purchase the Amsterdam-based insurance company through Achilles Netherlands Holdings BV, a company formed for the purpose of implementing the acquisition.

The £888 million offer involves a cash payment of £10.45 and a capital distribution...
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