Fairfax Financial Holdings Limited agreed to acquire 46.32% stake in Gulf Insurance Group K.S.C.P. from Kuwait Projects Company Holding K.S.C.P. for approximately SAR260 million.

Fairfax Financial Holdings Limited (TSX:FFH) agreed to acquire 46.32% stake in Gulf Insurance Group K.S.C.P. (KWSE:GINS) from Kuwait Projects Company Holding K.S.C.P. (KWSE:KPROJ) for approximately KWD 260 million on April 19, 2023. Fairfax?s equity interest in GIG will increase from 43.69% to 90.01%. The Transaction is subject to the receipt of all necessary approvals from applicable regulators, including merger control, capital markets, stock exchange and insurance regulators in each relevant jurisdiction in which GIG operates, and the satisfaction of other customary closing conditions.

Closing of the Transaction is currently expected to occur in the second half of 2023.