Jacob MacAdam and Simon Raftopoulos, partners in Appleby’s Cayman Islands office, have advised on the take private of AmTrust Financial Services, Inc. (AmTrust) (Nasdaq: AFSI).
The transaction involved Evergreen Parent, L.P., an entity formed by private equity funds and managed by Stone Point Capital LLC, together with Barry Zyskind, Chairman and CEO of AmTrust, alomng with George Karfunkel and Leah Karfunkel (collectively, Karfunkel-Zyskind Family), acquiring approximately 45% of AmTrust’s issued and outstanding common shares that the Karfunkel-Zyskind Family and certain of its affiliates and related parties did not already own or control.
Jacob MacAdam commented: “We are proud to have advised on the take private of AmTrust. Utilising the combined skills of our private equity, insurance and regulatory experts we were able to successfully navigate our client through the Cayman Islands legal aspects of this unique transaction.”
The transaction values the fully diluted equity of AmTrust at approximately USD2.95 billion, excluding AmTrust’s preferred stock.