Dubai Investments offers to take over National General Insurance in $127mn deal

DUBAI: Dubai Investments has made an offer to gain full ownership of National General Insurance Co (NGI), it said on Wednesday, in a deal that values the company at nearly 468 million dirhams ($127.43 million).

Dubai Investments, which owns 45.2% of NGI according to Refinitiv data, said it is offering to buy all or part of the NGI shares held by shareholders at 3.12 dirhams ($0.8495) each.

The deal values the 55% stake in NGI held by investors at about 256.48 million dirhams, according to Reuters calculations.

Dubai Investment said the offer period begins on Dec. 29 and will be open for 15 working days.