Saudi Re for Cooperative Reinsurance Company (SASE:8200) signed a memorandum of understanding to acquire 49.9% stake in Probitas Holdings (Bermuda) Limited for $25 million on July 13, 2017. Saudi Re will finance this deal out of its own resources. To finalize the definitive transaction documents the parties have entered in to an exclusivity agreement up to July 20, 2017. Probitas Holdings will own 100% of Probitas Corporate Capital Limited, Probitas 1492 Services Limited and Probitas Holdings (UK) Limited after the transaction. As on July 20, 2017, the due diligence has been substantially completed and the exclusivity agreement period has been extended to July 23, 2017, to finalise the definitive transaction documents. As on July 23, 2017, the due diligence has been completed and the exclusivity agreement period has been extended to July 27, 2017. Saudi Re for Cooperative Reinsurance Company entered into an agreement to acquire 49.9% stake in Probitas Holdings (Bermuda) Limited on July 29, 2017. Saudi Re also has started the due diligence process to assess the financial, legal, taxation, and actuarial aspects related to the transaction. The completion of this transaction will be subject to the approval of the Saudi Arabian Monetary Authority and Lloyds, Bermudian Monetary Authority, and that there are no related parties. As on September 26, 2017, the transaction was approved by Lloyds. As on September 28, 2017, the transaction was approved by Saudi Arabian Monetary Authority. GC Securities acted as financial advisor to Probitas Holdings. Stephen Howard, MD; Max Cornu-Thenard, Director; Michael Dempster and VP of Stifel Nicolaus Capital Markets acted as financial advisors for Saudi Re for Cooperative Reinsurance Company. Melanie James of DLA Piper acted as a legal advisor to Saudi Re Limited in this transaction.