Bond insurer Assured Guaranty Ltd. in Bermuda announced that it has an agreement to purchase another financial guaranty firm, New York-based Financial Security Assurance Inc., for $722 million in cash and stock.
Assured said the sale arrangement, which has backing from the investment firm created by billionaire investor Wilbur L. Ross, is with FSA parent Dexia SA. Assured will purchase Financial Security Assurance Holdings Ltd., the holding company for FSA.
The company said its definitive agreement provides that it will be fully protected against exposure to FSA's troubled Financial Products segment, which includes its guaranteed investment contract business.
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