White Mountains Insurance Group has agreed to sell a controlling stake in Bamboo to CVC Capital Partners for $1.75bn. Bamboo focuses on the residential property market in California and Texas, offering managing general agent services and running a retail agency and captive reinsurer. The deal is expected to yield White Mountains a gain of $310 per share in book value and $840m in net cash proceeds. Post-transaction, White Mountains will retain a 15% equity interest in Bamboo. The deal is set to close by the end of the fourth quarter of 2025, pending regulatory approvals.

Read more at Yahoo Finance: White Mountains enters $1.75bn deal to divest Bamboo