The real estate investment firm Kennedy Wilson Holdings Inc. (NYSE:KW) announced it is being acquired by a consortium led by its CEO William McMorrow and the Toronto-headquartered Fairfax Financial Holdings Limited (TSX: FFH, FFH.U) in an all-cash transaction of $10.90 per share, totaling $1.6 billion.
At the conclusion of transaction, the Kennedy Wilson Management Group led by William McMorrow will continue to lead and control the acquired company’s operations. Kennedy Wilson’s common shares will cease trading on the New York Stock Exchange and will be deregistered under applicable rules of the Securities and Exchange Commission.
Headquartered in Beverly Hills, California, Kennedy Wilson has $31 billion of assets under management in high growth markets across the US, UK and Ireland.
Fairfax is a holding company which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management.
