Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
NEW YORK (AP) — Insurer AIG is buying Validus, a provider of reinsurance, primary insurance, and asset management services, in a deal worth approximately $5.56 billion.
American International Group Inc. said Monday that it will pay $68 for each share of Validus Holdings Ltd. That's a 45.5 percent premium to the Bermuda company's Friday closing price of $46.72.
Shares of Validus rose almost 5 percent before the market opened.
AIG President and CEO Brian Duperreault said in a prepared statement that the acquisition will bring new businesses and capabilities to the New York company's general insurance operation.
The deal is targeted to close by the middle of the year. It still needs approval from Validus shareholders.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
