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Fairfax Closes Cunningham Lindsey Transaction
By: Marketwired .
Dec. 10, 2012 07:33 PM
TORONTO, ONTARIO -- (Marketwire) -- 12/11/12 --
(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 the closing of the previously announced disposition of its interest in Cunningham Lindsey Group Limited for proceeds of approximately $270 million. Fairfax's interest in Cunningham Lindsey was carried in its financial statements at approximately $110 million. Fairfax has re-invested approximately $34 million of the closing proceeds into shares of Cunningham Lindsey in order to retain an equity interest in the company of approximately 9%.
Fairfax Financial Holdings Limited is a financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.
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