Nassau Re gains Connecticut approval for Phoenix acquisition

Nassau Reinsurance Group Holdings has received Connecticut Insurance Department approval for the acquisition of financial services firn Phoenix Companies, pursuant to the agreement and plan of merger entered into on September 28, 2015.

The transaction is still subject to approval from the New York State Department of Financial Services and the satisfaction of customary closing conditions. Phoenix and Nassau continue to expect the closing to take place in the second quarter of 2016.

Pursuant to the merger agreement, Nassau will acquire, Connecticut-based Phoenix for $37.50 per share in cash, or an aggregate equity purchase price of $217.2 million, and upon closing, Phoenix will become a privately held, wholly owned subsidiary of Nassau.

After the transaction is completed, Nassau will contribute $100 million in new equity capital into Phoenix.

Phoenix stockholders approved the transaction on December 17, 2015.