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BERMUDA | RSS PODCAST

Validus to close on Flagstone deal by end of week

Validus CEO Ed Noonan

Validus Holdings is poised to close on its acquisition of Flagstone Reinsurance Holdings by the end of this week.Shareholders of FlagstoneRe yesterday morning voted to approve the company’s merger with Validus Holdings.More than 99 percent of the shareholder votes cast were voted in favour of the acquisition proposal.Just hours after that vote, Validus announced it had subsequently received all the regulatory approvals required to complete the acquisition — from the principal regulator, the Bermuda Monetary Authority and from the regulatory body in Luxembourg where Flagstone is domiciled.Validus expects to complete the acquisition prior to the open of trading on the New York Stock Exchange this Friday, November 30, subject to the satisfaction of customary conditions to closing.Flagstone and Validus jointly announced in August that the boards of directors of both companies had approved a definitive merger agreement pursuant to which Validus will acquire all of the issued and outstanding shares of Flagstone.As of the announcement date, the transaction represented an aggregate equity value of $623.2 million.Validus CEO Ed Noonan told The Royal Gazette last month that he expected Validus to start writing combined business on January 1.