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Mourant advises on USD131.8 million GBG takeover

Mourant has advised a New York-based private equity firm on its takeover of AIM-listed GBGI Limited (GBG).

GBG is a provider of international benefits insurance, operating globally across 120 jurisdictions. Trading principally as GBG Insurance Group, GBG is a fully integrated insurance group providing services from policy sales to claim administration.
 
The takeover of GBG was undertaken by way of a Guernsey scheme of arrangement and was sanctioned by the Royal Court in Guernsey on Wednesday, 20 February 2019. The aim of the takeover was to return GBG to private ownership thereby enabling enhanced financial and operational flexibility, together with savings relating to the costs which come from being a public company.
 
Guernsey Partners John Rochester and Abel Lyall led the Mourant team, with Counsel Alex Davies and Associate Peter Callus, alongside lead onshore counsel Dechert LLP in London and New York.
 
The recommended cash offer of USD1.151 per share (valuing GBG at USD131.8 million) represented a premium of approximately 39.2 per cent on the company’s closing price of 84.50p on the last business day before the commencement of the offer period.

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