The D.E. Shaw investment group in New York said it has completed its acquisition of the Richmond, Va.-based insurer James River Group Inc. for $573 million.
James River said it will merge operations with Franklin Holdings (Bermuda), Ltd., a Bermuda-based holding company whose investors include D.E. Shaw group; The Goldman Sachs Group Inc.; Sunlight Capital, a private equity-oriented affiliate of Elliott Associates, L.P.; and Lehman Brothers.
Under the terms of the merger agreement, stockholders of James River will be entitled to receive $34.50 in cash per share. The transaction has a total equity value of approximately $573 million.
The announcement made late yesterday said James River, which was a publicly traded company on the NASDAQ, will be delisted.
James River is an insurance holding company that primarily owns and manages specialty property-casualty insurance companies with the objective of consistently earning underwriting profits.
The D.E. Shaw group is a global investment management firm with more than 1,300 employees, approximately $35 billion in aggregate investment capital, with offices in North America, Europe and Asia.
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