Canada’s Fairfax Completes $860M Acquisition of Gulf Insurance Group from KIPCO

Fairfax Financial Holdings Ltd. announced it has completed the US$860 million acquisition of Gulf Insurance Group (GIG) from Kuwait Projects Co. (KIPCO) and certain of its affiliates.

First announced in April 2023, the deal represents approximately 46.32% of the equity of GIG and brings Fairfax’s equity interest in the company to 90.01% from 43.69%.

GIG will continue under the leadership of Khaled Saoud al Hasan, group CEO of GIG, and Paul Adamson, CEO of GIG Gulf.

In accordance with the regulations of the Capital Markets Authority of Kuwait, Fairfax intends to launch a mandatory tender offer to all other shareholders of GIG in the first quarter of 2024.

“We are thrilled to have GIG and its experienced and talented team led by Khaled Saoud Al Hasan and Paul Adamson join the Fairfax Group,” said Prem Watsa, chairman and CEO of Fairfax. “GIG has a very strong presence in the Middle East and North Africa region, and we look forward to working with Khaled, Paul and the entire GIG team to further develop GIG’s business over the long term.”

Toronto-based Fairfax is a holding company which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management.

Topics Mergers & Acquisitions Canada