NEW YORK--(BUSINESS WIRE)--
Tiptree Financial Inc. (NASDAQ:TIPT) (“Tiptree”) has entered into a
definitive agreement to sell its subsidiary Philadelphia Financial
Group, Inc. (including both its Third Party Administration and Life
Insurance operations) (“PFG”), to funds managed by the Tactical
Opportunities Group of The Blackstone Group L.P. (NYSE:BX)
(“Blackstone”), for approximately $155 million in cash plus additional
consideration of approximately $10 million to be paid over two years.
The transaction is subject to customary closing conditions including
regulatory approval and is expected to close in the third quarter of
2015.
Houlihan Lokey Financial Advisors, Inc. acted as financial advisor to
Tiptree and rendered a fairness opinion (subject to the assumptions,
qualifications and limitations set forth therein) to its Board of
Directors in conjunction with this transaction. Lazard acted as
financial advisor to Blackstone. Hannover Re is providing financing for
the transaction. Schulte Roth & Zabel LLP served as legal counsel to
Tiptree. Debevoise & Plimpton LLP served as legal counsel to Blackstone.
About Tiptree
Tiptree is a diversified holding company engaged through its
consolidated subsidiaries in a number of businesses and is an active
acquirer of new businesses. Tiptree, whose operations date back to 2007,
currently has subsidiaries that operate in four industry segments:
insurance and insurance services, specialty finance, asset management
and real estate. Tiptree is publicly traded on the NASDAQ stock market
(NASDAQ: TIPT). For additional information, please visit Tiptree's
website at www.tiptreefinancial.com.
About Blackstone
Blackstone is one of the world’s leading investment firms. We seek to
create positive economic impact and long-term value for our investors,
the companies we invest in, and the communities in which we work. We do
this by using extraordinary people and flexible capital to help
companies solve problems. Our asset management businesses, with almost
$300 billion in assets under management, include investment vehicles
focused on private equity, real estate, public debt and equity,
non-investment grade credit, real assets and secondary funds, all on a
global basis. Blackstone also provides various financial advisory
services, including financial and strategic advisory, restructuring and
reorganization advisory and fund placement services. Further information
is available at www.blackstone.com.
Follow Blackstone on Twitter @Blackstone.
Forward-Looking Statements
This release contains “forward-looking statements” which involve risks,
uncertainties and contingencies, many of which are beyond Tiptree’s
control, which may cause actual results, performance, or achievements to
differ materially from anticipated results, performance, or
achievements. All statements contained in this release that are not
clearly historical in nature are forward-looking, and the words
“anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,”
“plan,” “project,” “should,” “target,” “will,” or similar expressions
are intended to identify forward-looking statements. Such
forward-looking statements include, but are not limited to, statements
about Tiptree’s plans, objectives, expectations and intentions. The
forward-looking statements are not guarantees of future performance and
are subject to risks, uncertainties and other factors, many of which are
beyond Tiptree’s control, are difficult to predict and could cause
actual results to differ materially from those expressed or forecast in
the forward-looking statements. Tiptree’s actual results could differ
materially from those anticipated in these forward-looking statements as
a result of various factors, including, but not limited to those
described in the section entitled “Risk Factors” in Tiptree’s Annual
Report on Form 10-K, and as described in the Company’s other filings
with the Securities and Exchange Commission. Readers are cautioned not
to place undue reliance on these forward-looking statements, which speak
only as to the date of this release. The factors described therein are
not necessarily all of the important factors that could cause actual
results or developments to differ materially from those expressed in any
of Tiptree’s forward-looking statements. Other unknown or unpredictable
factors also could affect our forward-looking statements. Consequently,
Tiptree’s actual performance could be materially different from the
results described or anticipated by its forward-looking statements.
Given these uncertainties, you should not place undue reliance on these
forward-looking statements. Except as required by the federal securities
laws, Tiptree undertakes no obligation to update any forward-looking
statements.
Tiptree Financial Inc.
Investor Relations, 212-446-1400
ir@tiptreefinancial.com
Source: Tiptree Financial Inc.