Watford Holdings Ltd. (NasdaqGS:WTRE) entered into a share purchase agreement to acquire Axeria IARD S.A. from April SA (ENXTPA:APR) on December 6, 2019. The acquisition will be financed 100% with cash on hand. Axeria IARD reported total revenue of €139.9 million in 2018.

The transaction is subject to regulatory approval and is expected to close in the second quarter of 2020. As on May 11, 2020, the transaction is expected to be completed in the third quarter of 2020. As of August 7, 2020, the transaction is expected to close in the second half of 2020.

Emmanuel Maillet and Stéphane Huten of Hogan Lovells acted legal advisors while Fenchurch Advisory Partners acted as financial adviser to the APRIL Group. Laurent Schoenstein, Gary Boss, Sue Palmer, Julien Brun, Neil Barlow, Alice Declercq and Mike Seaton of Clifford Chance LLP acted as legal advisor to Watford Holdings Ltd.