DARAG inks deal to divest North American, Bermuda entities to RiverStone

Legacy acquirer DARAG Group has introduced the deliberate sale of its North American and Bermuda enterprise entities to RiverStone Group. The transaction, which is topic to regulatory approvals, is anticipated to be accomplished by the tip of the 12 months.

DARAG highlights that each its North American and Bermuda operations have established a strong presence of their area of interest markets. DARAG and RiverStone Group stated that they are going to work collectively to make sure a clean transition for the enterprise entities and their energetic transaction pipeline.

The sale is a part of DARAG’s technique to streamline its operations and focus on its core European market. The transaction may also present DARAG with extra capital to advance its pipeline of European transactions, a number of of that are already in superior negotiation levels.

Tom Sales space (pictured above), CEO of DARAG, stated that the group was happy to switch this well-established area of interest enterprise to RiverStone. He additionally highlighted the chance the transaction presents for DARAG to focus its sources on its European enterprise, the place the group maintains a powerful, well-capitalized place.

RiverStone Group president Bob Sampson stated that integrating DARAG’s North American group will add precious expertise to RiverStone’s groups.

“This acquisition completely suits our development technique, bolstering our capabilities and considerably boosting our market visibility in a number of North America insurance coverage segments. We’re assured that this transaction will gas innovation, encourage superior service, and create a strong synergy that advantages our purchasers,” Sampson stated.

DARAG was suggested on the transaction by PJT Companions and Nomura as lead monetary advisers, RBC as monetary adviser, and Proskauer Rose LLP as authorized adviser. RiverStone was represented by Norton Rose Fulbright US LLP as authorized advisers.

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