This record is sourced from Exhibit 99.1, a press release titled White Mountains to Acquire a Majority Stake in Bamboo, attached to a Form 8-K filed by White Mountains Insurance Group, Ltd. with the SEC on October 20, 2023 (filer CIK 0000776867, SIC 6331, fire, marine and casualty insurance). At the time of this announcement the deal was newly signed and pending, with closing targeted for the following year; it is a separate, earlier transaction from White Mountains' subsequent 2025 sale of a controlling interest in Bamboo to CVC Capital Partners.
On financial advisors, the press release names two firms split by side of the transaction. Howden Tiger Capital Markets & Advisory acted as financial advisor to White Mountains, the acquirer. Evercore Group, L.L.C. acted as financial advisor to Bamboo and its selling equityholders, i.e., the target side of the deal. The release does not designate either firm as lead financial advisor, and no other financial advisors are named.
On the legal side, Cravath, Swaine & Moore LLP provided legal advice to White Mountains, while Willkie Farr & Gallagher LLP provided legal advice to Bamboo and the selling equityholders.
Under the terms disclosed, the exact ownership percentage to be acquired by White Mountains and the resulting investment amount were to be determined based on Bamboo unitholder elections made prior to closing, meaning the $285 million and 70% figures are expectations rather than fixed contractual terms. The transaction was expected to close in the first quarter of 2024, subject to regulatory approvals and other customary closing conditions, and was stated not to be subject to a financing condition. The press release does not disclose Bamboo's standalone enterprise value, the cash-versus-stock composition of the consideration (the deal appears to be a primary and/or secondary equity investment rather than a classic cash/stock merger), or the specific regulatory approvals required. John Chu and the existing Bamboo management team were to continue leading the business and retain a significant equity stake, but the size of that retained stake beyond the approximate 30% non-White-Mountains ownership was not specified.