Weil Advises CVC Capital Partners on the Acquisition of RiverStone Europe from Fairfax Financial Holdings Limited

Weil is advising CVC Capital Partners on the $750 million acquisition of all of Fairfax Financial Holdings Limited (Fairfax) interests in run-off insurance services provider RiverStone Europe, to CVC Strategic Opportunities Fund II. As part of the transaction, OMERS, the pension plan for Ontario’s municipal employees, has also agreed to sell all of its interests in RiverStone Europe. Fairfax will also be entitled to receive up to $235.7 million post-closing under a contingent value instrument.

The RiverStone Group is a group of insurance, reinsurance and service companies specializing in the management of legacy and run-off insurance businesses and portfolios. After closing, RiverStone Europe will operate under the name RiverStone International, and the transaction will provide opportunities to grow the business further. CVC is making this acquisition through Strategic Opportunities Fund II, a vehicle designed to invest in high-quality businesses that are suited to longer hold investment horizons.

The Weil team is being led by London Private Equity partner Jonathan Wood supported by counsel Ellie Fialho. The team includes Private Equity partner James Harvey, Private Equity counsel Tom Rodzoch, and Private Equity associates Martin Weatherston-WilsonMichael Grant and Douglas Collins. Banking advice is being provided by partner Tom Richards and associates Patrick Brendon and Natalie Hellio. The team also includes Tax partner Oliver Walker, Tax associate Stuart Pibworth, Technology and IP Transactions/Privacy partner Barry Fishley and Employment counsel Ivor Gwilliams and Thomas Weatherill. Partner-elect Christopher Marks and associate David Shipton are advising on compliance matters.

The transaction is subject to customary closing conditions, including various regulatory approvals, and is expected to close in early 2021.