OMERS buying 30 stake in Brit Plc from Fairfax Financial Holdings Ltd

Fairfax Financial Holdings Ltd. will sell as much as 30 per cent of Brit Plc to the Ontario Municipal Employees Retirement System two months after agreeing to buy the Lloyd’s of London insurer for US$1.88 billion.Fairfax said Wednesday it reached an agreement with OMERS, which oversees US$52 billion in pension assets, to sell the stake at US$4.30 a share, equivalent to the cash offer that the Toronto-based insurer is paying Brit’s shareholders. Omers doesn’t currently own any shares in Brit.Apax Partners, Omers Private Equity Inc said to hand over publisher Nelson Education Ltd to fundsCanadian pension funds scoop up US$2.75B in U.S. commercial property in first half of JanuaryPrivate-equity firms Apollo Global Management and CVC Capital Partners Ltd., which control about 73 per cent of Brit shares, agreed to sell the company on Feb. 17. They were among investors that sold stock in Brit’s Initial public offering in March that raised 240 million pounds and valued the shares at 240 pence (US$3.54) apiece.— With assistance from Kiel Porter in London. Bloomberg News

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