Japan-based insurance giant Tokio Marine & Nichido Fire Insurance Company Ltd. (TMNF) said they had reached agreement to acquire London-headquartered Kiln Ltd. for ?442.2 million ($893.8 million at current exchange rates).

According to the companies, the transaction will be implemented under Bermuda law, where Kiln is incorporated. They said the acquisition represents a premium of approximately 40.8 percent over Monday’s closing of 106.5 pence per share price before news of sale discussions was announced.

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