M&A: SiriusPoint Ltd

Form Type: 8-K

Filing Date: 2024-12-30

Corporate Action: Acquisition

Type: New

Accession Number: 000119312524286894

Comments: On December 30, 2024, SiriusPoint Ltd. entered into a Securities Purchase Agreement with CM Bermuda Limited. This agreement allows SiriusPoint to repurchase all common shares and warrants held by the Seller, totaling approximately $733 million. The purchase includes 20,991,337 warrants at $3.56 each and 45,720,732 common shares at $14.25 each. Upon closing, the Seller will have no remaining ownership in SiriusPoint, and the common shares will be repurchased into treasury while the warrants will be canceled. A first payment of $250 million was made upon execution, with a second payment of $483 million due by February 28, 2025. The agreement includes provisions for a stop transfer order on the securities and conditions under which SiriusPoint can direct the transfer of certain shares. Additionally, Meng Tee Saw will resign from the Board upon closing, and the existing Investor Rights Agreement with the Seller will be terminated, relinquishing the Seller's observer rights on the Board. The press release announcing the transaction was issued on the same date and will be included in SiriusPoint’s Annual Report for the year ended December 31, 2024.

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