Aspen shareholders approve $2.6bn Apollo takeover

The shareholders of Bermuda-based Aspen Insurance Holdings have approved the  $2.6 billion Aspen acquisition offer by alternative investment manager Apollo.

Earlier in August, Apollo Funds announced that it will acquire all of the outstanding shares of Aspen for $42.75 per share in cash, representing an equity value of approximately $2.6 billion, and take the insurer private.

The deal involves an agreement and plan of merger among Aspen, Highlands Holdings and Highlands Merger Sub, a wholly-owned subsidiary of Highlands Holdings.

Aspen recently held a special general meeting of shareholders in connection with the merger agreement wherein all of the resolutions put forward were approved, according to a Dec. 10, 2018 United States Securities and Exchange Commission (SEC) filing.

The changes include approval of an amendment to the by-laws of the company, and approval of potential named executive officers’ compensation in connection with the merger.

The transaction is expected to close in the first half of 2019. Upon completion of the deal, Aspen will be a privately held portfolio company of the Apollo Funds and Aspen’s ordinary shares will no longer be listed on the New York Stock Exchange.

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