Tower Group, Inc. (NASDAQ: TWGP) today announced that it has completed its acquisition of CastlePoint Holdings, Ltd. (NASDAQ: CPHL) in a transaction valued at $531 million based on Tower’s current market price. Tower announced a definitive agreement to acquire CastlePoint on August 5, 2008. All closing conditions have been met.
With the close of the transaction, CastlePoint shares (NASDAQ: CPHL) will be delisted from the NASDAQ.
Showing posts with label mergers and acquisitions. Show all posts
Showing posts with label mergers and acquisitions. Show all posts
Thursday, 5 February 2009
Wednesday, 15 October 2008
Financial Technologies Acquires Audit Control and Expertise Global
Financial Technologies (India) Ltd has acquired a significant equity stake in UK-based Audit Control & Expertise Global Limited (ACE) Group, a global credit support organisation providing collateral control, field audits, inspection, monitoring and financial structuring services in the commodity trade and finance sector.
"The E3C (Enhanced Credit Commodity Control) technology of ACE is a robust technology for banks to mitigate performance risks and secure transactions in credit finance for commodities. It will further strengthen our robust portfolio of technology IP based solutions for global financial markets," said Dewang Neralla, Financial Technologies' co-founder and director.
ACE has offices in 26 countries across the globe with operations in Africa, Europe, and the Far East. ACE provides collateral management and other credit support services across 2,000 different warehouses in more than 50 countries.
"With the acquisition, Financial Technologies can now enable financial institutions to effectively monitor and control trading assets throughout the supply chain - from the raw commodity stage through to the sale of finished goods. Our services will enable institutions to secure the completion of their asset conversion cycle," said Lamon Rutten, joint managing director, MCX, and MD/CEO-designate of ACE post-acquisition.
Andre Soumah, Chairman of ACE, said: "The acquisition by Financial Technologies will boost ACE's ability to give a technologically advanced credit support service to the many banks and commodity companies who are its principal clients. Furthermore, by opening up opportunities to work with Financial Technologies' major warehousing and collateral management venture, NBHC, it gives ACE access to the huge Indian import-export trade, where collateral management services are in a stage of infancy. Financial Technologies is eminently positioned to harness the tremendous potential that lies unutilised in India, where they are already a leader in the commodity markets."
"The E3C (Enhanced Credit Commodity Control) technology of ACE is a robust technology for banks to mitigate performance risks and secure transactions in credit finance for commodities. It will further strengthen our robust portfolio of technology IP based solutions for global financial markets," said Dewang Neralla, Financial Technologies' co-founder and director.
ACE has offices in 26 countries across the globe with operations in Africa, Europe, and the Far East. ACE provides collateral management and other credit support services across 2,000 different warehouses in more than 50 countries.
"With the acquisition, Financial Technologies can now enable financial institutions to effectively monitor and control trading assets throughout the supply chain - from the raw commodity stage through to the sale of finished goods. Our services will enable institutions to secure the completion of their asset conversion cycle," said Lamon Rutten, joint managing director, MCX, and MD/CEO-designate of ACE post-acquisition.
Andre Soumah, Chairman of ACE, said: "The acquisition by Financial Technologies will boost ACE's ability to give a technologically advanced credit support service to the many banks and commodity companies who are its principal clients. Furthermore, by opening up opportunities to work with Financial Technologies' major warehousing and collateral management venture, NBHC, it gives ACE access to the huge Indian import-export trade, where collateral management services are in a stage of infancy. Financial Technologies is eminently positioned to harness the tremendous potential that lies unutilised in India, where they are already a leader in the commodity markets."
Friday, 10 October 2008
Sciens Completes Atlas Acquisition
Sciens Capital Management has completed the purchase of the institutional investment management business of Atlas Capital Associates (Atlas). Sciens has purchased 100% of Atlas Capital Limited, Sigma Asset Management (Guernsey) Limited, Atlas Capital Tokyo and Axis Capital Management (Bahamas) Ltd.
The combination has created an international investment management organization with approximately US$4.5 billion under management and advisory mandates. It brings into a single investment and marketing platform the Sciens diversified funds of hedge funds and the Atlas thematic offering such as the Alternative Income Fund and the Dynamic Trading Fund among others. Sciens also manages the Sciens Special Situation Master hedge fund and private equity, real estate and aviation funds.
The combination has created an international investment management organization with approximately US$4.5 billion under management and advisory mandates. It brings into a single investment and marketing platform the Sciens diversified funds of hedge funds and the Atlas thematic offering such as the Alternative Income Fund and the Dynamic Trading Fund among others. Sciens also manages the Sciens Special Situation Master hedge fund and private equity, real estate and aviation funds.
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