Sirius International Insurance Group, Ltd., a subsidiary of Singapore’s CMIG International, has said that it will merge with special purpose acquisition company Easterly Acquisition Corp. for a proposed merger that would result in Sirius becoming a publicly listed company.

According to an official statement, Easterly is set to merge with a subsidiary of Sirius Group and become a wholly owned subsidiary of the group.  Upon the closing of the merger, Easterly’s common stock would be exchanged for Sirius Group’s common shares, which will then be traded on the NASDAQ.

The proposed all-stock transaction, Sirius said, is expected to yield a combined entity with a pro forma market capitalization of approximately $2.2 billion at closing, with current Easterly stockholders owning approximately 7% of the combined company immediately following the merger.

The merger has been approved by the boards of directors of both Sirius Group and Easterly, and is expected to close at the end of the third or beginning of the fourth quarter of 2018.

“Access to the public equity markets will facilitate and accelerate our future growth via M&A transactions and organically,” said Sirius Group President, CEO and Chairman Allan Waters.

Established in 1945, Sirius Group provides multi-line insurance and reinsurance in over 140 countries. The group wrote gross written premiums of $1.4 billion in 2017.

It is a majority-owned subsidiary of CMIG International, a company focusing on international investments, asset management and cross-border M&A, after the Singapore-based company acquired Sirius from White Mountains Insurance Group, Ltd. in April 2016.

Sirius Group is a Bermuda-based holding company with operating companies in Bermuda, Stockholm, New York and London.

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