Blackstone’s Tactical Opportunities Group has agreed to acquire Philadelphia Financial Group from Tiptree Financial in a deal worth $155m in cash.
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The acquisition also consists of an additional consideration of approximately $10m to be paid over two years.
Subject to regulatory approval, the deal is expected to be completed in the third quarter of 2015.
Blackstone said that it has signed an agreement through funds managed by its Tactical Opportunities Group. The agreement includes both third party administration and life insurance operations of Philadelphia Financial.
Houlihan Lokey served as Tiptree’s financial advisor, while Lazard served as financial advisor to Blackstone. Hannover Re agreed to provide financing for the deal.
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By GlobalDataPhiladelphia Financial provides advisory services to HNW individuals and institutions and also has a life insurance arm.
Founded in 2007, US-based Tiptree owns insurance, specialty finance, asset management and real estate groups.
