ProSight to Become Private Company After Being Acquired by Investors
International investment management firm TowerBrook Capital Partners and private equity firm Further Global Capital agreed to acquire 100 percent of the common stock shares of specialty insurer ProSight Global for $586 million cash.
The deal, announced last Friday, means the specialty insurer will move forward as a private company. ProSight went public in July 2019.
The acquisition is expected to close in third-quarter 2021, subject to customary closing conditions, including the receipt of required regulatory approvals. Another closing condition is the completion of a reinsurance transaction with Enstar that will serve to reposition ProSight’s capital in support of future growth, a statement from the acquirers said.
/PRNewswire/ Ademi LLP is investigating ProSight (NYSE: PROS) for possible breaches of fiduciary duty and other violations of the law in its transaction.