First Investors to Merge With Equity Firm
First Investors Financial Services Group and FIFS Holdings entered into a merger agreement, which has FIFS Holdings acquiring the group’s common stock in an all-cash transaction valued at $100 million.
HOUSTON — First Investors Financial Services Group Inc. has entered into a definitive merger agreement with FIFS Holdings Corp., a company controlled by Aquiline Capital Partners LLC, a New York-based private equity firm investing in the financial services sector.
Under the merger agreement, FIFS Holdings will acquire all of the outstanding shares of First Investors common stock in an all-cash transaction valuing First Investors at $100 million. Stockholders of First Investors will receive $13.87 for each share of First Investors common stock they hold.
"The acquisition by Aquiline is the result of a thorough and competitive process focused on maximizing value for our stockholders," said Tommy A. Moore, Jr., president and CEO of the company. "Our board unanimously supports this transaction and believes that the acquisition will continue to expand the company's leadership position in the market it serves."
Jeff Greenberg, chief executive of Aquiline, stated, "We are excited to partner with Tommy Moore and his management team. They have an impeccable reputation and the track record at First Investors is outstanding throughout their 23-year history."
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