August 23, 2017 / 11:08 PM / 2 years ago

BRIEF-Mitsui Sumitomo Insurance to buy Fairfax's First Capital for $1.6 bln

Aug 23 (Reuters) - Fairfax Financial Holdings Ltd:

* Fairfax and Mitsui Sumitomo Insurance enter into strategic alliance and sale of First Capital

* Fairfax Financial Holdings Ltd says cash purchase price for Fairfax’s interest in First Capital is us$1.6 billion

* Fairfax Financial Holdings Ltd says closing of first capital transaction is expected late in 2017 or early 2018

* Fairfax Financial Holdings Ltd says Mitsui Sumitomo will acquire Fairfax’s 97.7% interest in First Capital Insurance Limited Of Singapore

* Fairfax Financial Holdings Ltd - deal will result in a realized net investment gain of approximately us$900 million after tax

* Fairfax Financial Holdings-Ramaswamy Athappan will continue as first capital’s ceo, while continuing to retain his responsibilities as chairman of fairfax asia

* BofA Merrill lynch acted as exclusive financial advisor to fairfax. Source text for Eikon: Further company coverage:

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