Saudi Re for Cooperative Reinsurance Co. (Saudi Re) said that it has completed the due diligence to acquire a 49.9 percent stake in Probitas Holdings Bermuda Limited (PHBL).

 

The exclusivity agreement period has been extended until July 27 to finalize the definitive transaction document, the insurer said in a bourse statement on Sunday.

 

Earlier this month, Saudi Re signed a memorandum of understating (MoU) to acquire 49.9 percent of PHBL for an initial valuation of $25 million, Argaam reported.

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