P.M. BRIEFING : Swedish Group to Buy U.S. Firm
<i> From Times Wire Services </i>
NEW YORK —
AmBase Corp. said today it has agreed to sell its Home Insurance Co. property and casualty insurance subsidiary to a Swedish-led investment group in a deal valued at $970 million.
The buyer, TVH Acquisition Corp., is led by Trygg-Hansa Holding AB, Sweden’s second-largest insurance company. It includes European financial services and real estate investors Vik Brothers International USA Inc., International Insurance Advisors Inc. and Donaldson, Lufkin & Jenrette Inc.
AmBase said the purchase price includes a cash payment of $507 million, assumption of $178 million in debt and leaving in place $285 million of Home’s preferred stock.
