The Jamaican conglomerate NCB Financial Group Ltd and its subsidiary NCB Global Holdings Ltd have successfully completed its takeover of Trinidadian insurance giant Guardian Holdings Ltd. NCB made the announcment on Monday via a news release.
The company acquired the 74,230,750 ordinary GHL shares it had hoped for, bringing its total shareholding to 62 per cent. It also received all necessary regulatory approvals from TT and Jamaica. NCB's take-over offer closed on May 3. The company paid for the shares on Monday.
A net total of 117,971,970 shares were tendered in response to the offer, after taking into account 796,364 shares tendered but not accepted based on the terms and conditions.
GHL offered US$2.79 per share, or about US$207 million.
NCB chairman Michael Lee-Chin said the transaction was a game-changer for the region. "Amidst the context of the de-risking impacting the region, we are proud and excited about the implications and prospects of two leading indigenous Caribbean institutions coming together to drive economic growth, customer and shareholder value."
Group president and CEO Patrick Hylton added, “NCB and GHL combined have the opportunity to become a world-class financial services conglomerate, which has positive implications for our shareholders, our region and its citizens.”
GHL CEO Ravi Tewari said since the acquisition of the first block of shares in 2016, the Guardian Group began to see opportunities for a positive impact for shareholders, clients and employees of the Guardian Group. "
This further deepening of the relationship between two leading Caribbean companies augurs well for the acceleration of these positive impacts for Guardian and the region.”