Press Release Details
Fairfax Announces Disposition of Its Interest in Cunningham Lindsey Group Limited
TORONTO, ONTARIO–(Marketwire – Oct. 1, 2012) –
(Note: All dollar amounts in this press release are expressed in U.S. dollars.)
Fairfax Financial Holdings Limited (“Fairfax”) (TSX:FFH)(TSX:FFH.U) announces that Cunningham Lindsey Group Limited has entered into a merger agreement pursuant to which Fairfax will effectively sell its interest in Cunningham Lindsey for proceeds of approximately $260 million, subject to closing adjustments. Fairfax’s interest in Cunningham Lindsey is currently recorded in its financial statements at $108.3 million. Fairfax will invest up to approximately $35 million of the proceeds in shares of Cunningham Lindsey on closing to continue to be a minority shareholder. The transaction is subject to normal closing conditions including regulatory approvals and is expected to close in the fourth quarter.
Fairfax is a financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.
Contact: John Varnell Company Name: Fairfax Financial Holdings Limited Contact Title: Vice President, Corporate Development Phone: (416) 367-4941 Contact: Paul Rivett Company Name: Fairfax Financial Holdings Limited Contact Title: Vice President, Operations Phone: (416) 367-4941