AmTrust to be Acquired by Consortium for $2.7 Billion

March 2, 2018

Willkie is acting as independent legal advisor for the AmTrust special committee.

On March 1, AmTrust Financial Services, Inc. (Nasdaq: AFSI) announced that it has entered into a definitive agreement with Evergreen Parent, L.P., an entity formed by private equity funds managed by Stone Point Capital LLC, together with Barry D. Zyskind, Chairman and CEO of AmTrust, George Karfunkel and Leah Karfunkel to take the company private. Pursuant to the deal, Evergreen Parent will acquire the approximately 45 percent of the company’s issued and outstanding common shares that the Karfunkel-Zyskind Family and certain of its affiliates and related parties do not presently own or control. The transaction values the fully diluted equity of the company at approximately $2.7 billion, excluding the company’s outstanding preferred stock.

Willkie is acting as independent legal advisor for the AmTrust special committee.

Under the terms of the proposed merger, AmTrust common shareholders who are not affiliated with the Karfunkel-Zyskind Family will receive $13.50 in cash for each share of AmTrust common stock they hold. Each share of the company’s currently outstanding preferred stock will remain outstanding and it is expected that they will continue to be listed on the New York Stock Exchange following the consummation of the transaction.

Based in New York, AmTrust is a multinational insurance holding company offering specialty property and casualty insurance products, including workers' compensation, commercial automobile, general liability and extended service and warranty coverage through its primary insurance subsidiaries rated. AmTrust is included in the Fortune 500 list of largest companies.

The Willkie deal team was led by partner Steven Seidman and included partners Laura Delanoy, Sean Ewen, Tariq Mundiya, Sameer Advani, Jordan Messinger, Allison Tam, Viktor Okasmaa and Christopher Peters; counsel Jonathan Konoff; associates Sarah Wong, David Blassberger, Tej Prakash, Alexander Cheney, Rose Ohanesian, Dunia Rkein and Yevgeniy Markov; and law clerks Augustine Donati, Deanna Clugston, Osvaldo Kock, Mollie Adam, Michelle Bai and Yoon Ho Jung.