FairTax Financial Holdings Ltd, the Canadian insurer that made its largest acquisition this week, is selling shares in an initial public offering for a fund that will make investments in Africa. The company is seeking to raise as much as $1 billion from the sale, people familiar with the matter said.<\/p>\n
Fairfax, run by value investor PremWatsa, is hunting for countries on the continent with fast-paced economic growth, according to a prospectus filed Friday.<\/p>\n
The Toronto-based firm has $416 million already committed from its own funds and partners including Ontario Municipal Employees Retirement System and CI Investments Inc. for the venture, called Fairfax Africa Holdings Corp.<\/p>\n
A $1 billion IPO would be the largest in Canada since Hydro One Ltd. raised C$1.8 billion ($1.33 billion) last year, according to data compiled by Bloomberg.<\/p>\n
\u201cWe believe Africa will be transformed in the coming years by positive demographic trends led by a large emerging middle class, substantially improved political stability and governance, and increased integration with global markets,\u201d Watsa said in a press release announcing the fund. RBC Capital Markets is leading the IPO.<\/p>\n
This would be the insurer\u2019s second public fund specific to a region. Two years ago, Fairfax offered shares in an investment vehicle that targeted Indian firms, securing C$500 million from partners and its own funds, and raising about $1 billion.<\/p>\n
After debuting at $10 a share in 2015, the Fairfax India Holdings Corp. stock is up 15 percent to $11.50. The Africa shares would also be sold on the Toronto Stock Exchange at $10 each.<\/p>\n
Fairfax this week agreed to buy Allied World Assurance Co. for $4.9 billion in cash and stock in Chief Executive Officer Watsa\u2019s biggest purchase.<\/p>\n","protected":false},"excerpt":{"rendered":"
FairTax Financial Holdings Ltd, the Canadian insurer that made its largest acquisition this week, is selling shares in an initial public offering for a fund that will make investments in Africa. The company is seeking to raise as much as $1 billion from the sale, people familiar with the matter said. Fairfax, run by value […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-38069","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/38069","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/comments?post=38069"}],"version-history":[{"count":1,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/38069\/revisions"}],"predecessor-version":[{"id":38073,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/38069\/revisions\/38073"}],"wp:attachment":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/media?parent=38069"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/categories?post=38069"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/tags?post=38069"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}