22 04 2016Assured Guaranty Ltd. acquires CIFG Holding Inc.
The Akin Gump team is advising CIFG.
Assured Guaranty Ltd. (together with its subsidiaries, Assured Guaranty), the leading financial guaranty insurance company, announced that its subsidiary Assured Guaranty Corp. has entered into an agreement to acquire CIFG Holding Inc. (CIFG), the parent of financial guaranty insurer CIFG Assurance North America, Inc. Akin Gump advised CIFG in this matter. CIFG Holding, Ltd., through its subsidiaries, provides insurance and reinsurance services. The company was formerly known as CDC IXIS Financial Guaranty Holding S.A. and changed its name to CIFG Holding, Ltd. in October 2004. The company, led by John Pizzarelli, James O' Keefe, Thierry Dissaux, Michael S. Knopf and Pamela Brown, is based in New York. The acquisition is expected to be completed mid-2016, subject to receipt of antitrust and insurance regulatory approvals as well as satisfaction of customary closing conditions. CIFGâ€™s stockholders have already approved the acquisition for which Assured Guaranty expects to pay $450 million in cash. The Akin Gump team advising CIFG was led by corporate practice head Kerry Berchem (Picture). She was joined by corporate partner David Dâ€™Urso, employee benefits partner Rolf Zaiss, corporate counsel John Howell, and corporate associates Tabitha Bailey and Andres Zambrano. Involved fees earner: Kerry Berchem - Akin Gump; David D'Urso - Akin Gump; John Howell - Akin Gump; Tabitha Bailey - Akin Gump; Rolf Zaiss - Akin Gump;
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