Tower Group Sells 10.7% Equity Stake in Canopius Group
Tower Group International (NASDAQ: TWGP) today announced that its wholly-owned subsidiary, Tower Group, Inc., closed on December 13, 2013 the sale to an investment fund managed by Bregal Capital LLP of all of the shares of the capital stock of Canopius Group Limited owned by Tower. The initial sales
price for the Canopius shares is $69.7 million (£42.5 million), which has been paid in full to Tower.
As part of Tower's agreement to sell its shares, if a legally binding contract for the sale or other transfer of shares representing a majority of the voting power of Canopius is entered into within six months after the date of Tower's stock purchase agreement with Bregal,