The D.E. Shaw investment group in New York said it has completedits acquisition of the Richmond, Va.-based insurer James RiverGroup Inc. for $573 million.

James River said it will merge operations with Franklin Holdings(Bermuda), Ltd., a Bermuda-based holding company whose investorsinclude D.E. Shaw group; The Goldman Sachs Group Inc.; SunlightCapital, a private equity-oriented affiliate of Elliott Associates,L.P.; and Lehman Brothers.

Under the terms of the merger agreement, stockholders of JamesRiver will be entitled to receive $34.50 in cash per share. Thetransaction has a total equity value of approximately $573million.

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