James River Group has announced the completion of its previously announced merger with a subsidiary of Franklin Holdings, whose investors include entities in the D E Shaw group, The Goldman Sachs Group, Sunlight Capital, a private equity-oriented affiliate of Elliott Associates, and Lehman Brothers.

The transaction has a total equity value of approximately $573 million. Under the terms of the merger agreement, stockholders of James River will be entitled to receive $34.50 in cash per share.

Adam Abram, president and CEO of James River, said: Our management team has been especially fortunate to work with an extraordinary board of directors over the past few years. We salute their contributions and particularly thank our chairman, Richard Wright, who has been a tremendous leader of our Board and a great source of wise counsel to me and our management team.