Announced
Financials
Sources
Tags
United States
insurance assets
Friendly
Acquisition
Domestic
Private
Single Bidder
Private Equity
Majority
Full Line Insurance
Pending
Synopsis
Warburg Pincus, a global private equity firm, agreed to acquire InTelCo Management, a wholly owned subsidiary that holds long-term liabilities including asbestos liabilities and related insurance assets, from ITT, an American worldwide manufacturing company. Financial terms were not disclosed. "Today’s announcement represents the culmination of our multi-year strategy to reduce ITT’s legacy liability profile. This transaction, along with our successful U.S. pension plan termination executed in October 2020, position us very favorably for future growth and capital flexibility," Luca Savi, ITT President and CEO.
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