Arch Capital to Acquire Watford Holdings for $622 Million
Arch Capital Group Ltd. (ACGL) announced on October 9 that it entered an agreement to acquire Watford Holdings Ltd. (WTRE). Watford’s shareholders will receive $31.10 per share in an all-cash transaction worth $622 million. Arch Capital announced that the transaction is expected to close in early 2021 and that Watford will continue to operate as a standalone business.
Sonal detected the event and alerted subscribers at 8:30 am. Watford last traded at 4:18 pm the previous day for $30. The stock price spiked above $32 following the announcement, and the gains continued over the next five trading sessions. Watford closed at $35.44 on October 15 for a gain of 18%.
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