LibertyMutual Insurance announced Monday morning it will acquireglobal specialty lines company Ironshore Inc. from Fosun International Ltd. for approximately$3 billion.
The purchase price — which is subject to closing priceadjustments — will equate to 1.45x Ironshore's actual tangiblebook value as of year-end 2016. The transaction is expected toclose in the first half of 2017 pending regulatory approvals andcustomary closing conditions.
After the acquisition is completed Ironshore will continue tooperate with the same management team and brand, but as part of thelarger Liberty Mutual organization, which seeks to grow itsspecialty lines operations.
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