Natixis to Sell 29.5% Stake in COFACE to Arch Capital Group
February 26, 2020
Cleary Gottlieb is representing COFACE SA (COFACE) in Natixis’ proposed sale of a 29.5% stake in the share capital of COFACE to Arch Capital Group at a price of €10.70 per share (dividend attached) corresponding to a transaction value of approximately €480 million based on the current number of shares.
Following the closing of the transaction, Natixis will no longer be represented on COFACE’s board of directors. Natixis will hold a remaining 12.2% stake in COFACE as a financial participation.
Closing of the transaction will be subject to customary closing conditions, including applicable antitrust and regulatory approvals, which is expected to take six to 12 months.
COFACE is a leading player in credit insurance and risk management. With more than 70 years of experience and the most finely meshed international network, it facilitates inter-company trade by helping its clients to develop commercial transactions both in their own market and for export. In 2019, COFACE employed ~4,250 people and registered turnover of €1.5 billion.
Arch Capital Group is a leading U.S. insurance, reinsurance, and mortgage insurance company.