Fairfax to raise its stake in the capital of GIG

Fairfax Financial Holdings has acquired the entire participation (46.32%) of Kuwait Projects Company (KIPCO) in the capital of Gulf Insurance Group (GIG). The transaction is valued at 263.7 million KWD (860 million USD).

This acquisition makes the Canadian group the main shareholder of GIG with a 90.01% stake.

Pending the approval of the relevant authorities, the deal is expected to be finalized during the second half of 2023.