By Owen Tucker-Smith
180 Degree Capital has agreed to merge with Mount Logan Capital, forming an asset-management company with $2.4 billion in assets.
The companies said Friday that the all-stock deal has a pro forma enterprise value of $139 million. The resulting company will be called Mount Logan Capital, based in Delaware and traded on Nasdaq with the symbol MLCI.
Toronto-based Mount Logan operates asset management and insurance businesses. The two companies said combining would allow for a U.S.-exchange listed platform that does business in both insurance and asset management.
Mount Logan Chief Executive Ted Goldthorpe is expected to take that role, and serve as chairman of the board of the combined company. The boards of both companies unanimously approved the deal. The companies said they have secured support for the deal from about 20% of 180 Degree shareholders and 23% of Mount Logan shareholders, with indications of support from certain holders.
Kevin Rendino, 180 Degree's CEO, said his company began discussions with Mount Logan's management team in July.
Shares of 180 Degree rose 9% to $4.08 in Friday morning trading.
Write to Owen Tucker-Smith at owen.tucker-smith@wsj.com
(END) Dow Jones Newswires
January 17, 2025 10:23 ET (15:23 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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