Cahill Advises Arch Capital in Acquisition of Watford Holdings
Cahill advised Arch Capital Group Ltd. (NASDAQ: ACGL) (“Arch”), a Bermuda-based company, in its signing of a definitive agreement to acquire Watford Holdings Ltd. (NASDAQ: WTRE) (“Watford”). As part of the revised agreement Arch will acquire all the common shares of Watford in an all-cash transaction valued at approximately $700 million, an approximately $80 million increase from the original definitive agreement on which Cahill also advised. The transaction is subject to customary closing conditions, including regulatory and shareholder approval. Law360, as part of national coverage on this acquisition when the parties entered the original agreement in early October, reported that “the independent members of Watford's board have unanimously approved the sale to Arch and recommended that its shareholders vote in favor.” Following closing, which is expected to occur in the first quarter of 2021, Watford will continue to operate as a standalone business and remain consolidated within Arch’s financials.