CVC Capital Partners (CVC) funds have completed the acquisition of RiverStone Europe from Fairfax Financial Holdings Limited (Fairfax) and OMERS, the pension plan for Ontario’s municipal employees. The RiverStone Europe Group will now operate under the name RiverStone International.
The purchase price of the acquisition is approximately US$700 million. Fairfax also will be entitled to receive up to US$235.7 million, post-closing, under a contingent value instrument
RiverStone International has also announced the appointment of Preben Prebensen as independent non-executive Chair to the Group Board. Prebensen has over 40 years of experience in the financial services and insurance sectors, including 11 years as CEO of Close Brothers Group plc, the FTSE 250 merchant bank. He was also formerly the Chief Investment Officer and a member of the Group Executive Committee at Catlin Group, the international non-life insurer, and CEO at Wellington Underwriting, the specialist insurer. He brings strong leadership and significant experience to support RiverStone International’s ambitious growth plans as an independent company.
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