Sidley advised The Navigators Group, Inc. in its definitive agreement to be acquired by The Hartford Financial Services Group, Inc. in an all-cash transaction that values Navigators at approximately $2.1 billion.
Under the terms of the agreement, Navigators stockholders will receive $70.00 per share in cash upon the closing of the transaction. The $70.00 per share offer price represents a multiple of 1.78 times Navigators’ fully diluted tangible book value per share as of June 30, 2018 and an 18.6 percent premium to the 90-trading-day average stock price. The transaction, which was unanimously approved by Navigators’ board of directors, is subject to regulatory and stockholder approvals and other customary closing conditions, and is expected to close in the first half of 2019.
The Sidley deal team was led by New York-based partners Michael A. Gordon (M&A), Kirk Lipsey (Insurance) and Gabe Saltarelli (M&A). The team also included associate Jessica Wood (New York); insurance partner Andrew R. Holland (New York) and counsel James Phythian-Adams (London); employee benefits and executive compensation partner Audry X. Casusol (New York) and associate Gregory A. Marrs (Chicago) and tax partner Suresh T. Advani (Chicago).