Return to Mergers & Acquisitions

Deal Overview

Buyer:
TPG Capital Management, L.P.
Actual Acquirer:
Wolverine Acquisition, Inc.
Target:
Warranty Group, Inc.
Deal Type:
Insurance Company
Insurance Sector
Property & Casualty
Agreement Date:
3/20/2014
Announcement Date:
3/21/2014
Announced Deal Value (C$ M):
1,225.00
Announced Deal Value, As Reported (C$ M)
1,225.00
Status:
Completed
Announced Deal Value Per Share (C$ )
NA
Completion Date:
8/1/2014

Consideration Breakout
Cash ($M) 1,225.0

Deal Pricing Ratios

Announcement Completion
Price / Earnings (x) NA NA
Price / Book (%) NA NA
Price / Statutory Net Income (x) NA NA
Price / Earnings (x) 16.54 16.40
Price / Capital & Surplus (%) NA NA
Price / Operating Income (x) 383.2 373.6
Price / Net Premiums Written (x) NA NA
Deal Terms
Description of Consideration

TPG Capital Management LP paid $1.225 billion in cash to acquire Warranty Group Inc. from Onex Corp. In addition to this, TPG Capital Management assumed debt of approximately $275 million. Target's statutory financials are for Resource Life Insurance Co. & Virginia Surety Co. Inc.

Percent Acquired (%) 100.00
Accounting Method Acquisition
Merger of Equals? No
Estimated Cost Savings (%) NA
Estimated Cost Savings (C$ 000) NA
Est. Restructuring Charges (C$ 000) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes J.P. Morgan Securities LLC
Seller Yes Morgan Stanley & Co. LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Skadden Arps Slate Meagher
Seller Yes Kaye Scholer LLP