AIDG Jersey Acquisitions, a company formed at the direction of Advent International, and Domestic & General Group, an insurance provider, have reached an agreement for the recommended cash acquisition of the entire issued and to be issued share capital of the latter for GBP523.9 million.
Under the terms of the proposal, each Domestic & General (D&G) shareholder will receive GBP14.25 in cash for each D&G share.
John Singer, chairman of Advent International, said: We are delighted that the independent directors of D&G have unanimously decided to recommend AIDG Jersey Acquisition’s all-cash offer. We have significant experience in the financial services sector and, with the support of Advent’s international network, look forward to working with D&G’s management and employees in continuing to develop and invest the necessary time and cash resources in its business and brands through a focused expansion program both in the UK as well as internationally.
Nicholas Rochez, chairman of D&G, said: Whilst we believe there to be significant long-term potential in D&G, Advent’s offer allows shareholders the opportunity to realize their entire investment now at an attractive cash premium.