SPACInsider Logo
News Alert: Easterly Acquisition Corp Announces Combination with Sirius International Insurance Group
by Kristi Marvin on 2018-06-25 at 11:51am

Easterly and Sirius to Combine in an All Stock Transaction for a Pro Forma Market Cap of $2.2 Billion

Easterly Acquisition Corp, a SPAC focused on the financial services sector, announced this morning it has entered into a definitive agreement and plan of merger with Sirius International Insurance Group, Ltd.,  a global multi-line insurance and reinsurance group.  The all-stock transaction is expected to produce a pro forma equity value of $2.2 billion for the combined company.

Sirius Group provides multi-line insurance and reinsurance in over 140 countries with gross written premiums of $1.4 billion in 2017.

Easterly originally IPO’d back for $200 million back in July of 2015, so we’re coming up on three years now that it has been trying close on a combination.  However, Easterly has still managed to hang on to $155 million cash in trust. No easy feat.  Read below for the transaction details.



  • Easterly’s common stock to be exchanged for Sirius Group’s common shares at a price of 1.05x Sirius Group’s pro forma diluted GAAP book value per share as of June 30, 2018.
  • Current Easterly stockholders will own approximately 7% of the combined company immediately following the Merger
  • Sirius also intends to execute a PIPE, but no details on size as of yet.


  • The Easterly Sponsors will surrender for cancellation (and for no consideration) between 3,328,000 and 4,528,000 of Easterly’s Founders Shares.  As a reminder, the Sponsors currently hold a total of 5,000,000 Founders Shares.
    • The final amount to be surrendered for cancellation will be determined based on the amount of cash in the Trust Account post-redemptions and the amount raised in the PIPE of Sirius Common Shares.


  • The Easterly Sponsors will also be surrendering for cancellation (and for no consideration) ALL 6,750,000 Private Placement Warrants that were purchased for $1.00 at the time of the IPO.


  • Assuming that Easterly’s stockholders approve the extension period at the shareholder vote on June 28th, Sirius Group has agreed to lend to Easterly $0.03 per month through the extension period for each public share that is not redeemed.
  • Easterly’s current pro rata per share of the Trust is estimated to be $10.31
    • If the transaction does not close until November, this means the pro rata trust value could potentially be $10.46 at the time of the shareholder vote.
  • The loan will be forgiven if the Merger does not close by November 30, 2018.


  • Sirius Group is being represented by Sidley Austin LLP
  • Easterly is being represented by Hogan Lovells US LLP


Recent Posts
by Marlena Haddad on 2022-12-02 at 5:38pm

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC Liquidations: NightDragon, VectoIQ II, and Fortistar Sustainable Solutions Corp. Night Dragon Acquisition Corp. Will Redeem Its Public Shares and Will Not Consummate an Initial Business Combination NightDragon Acquisition Corp. (NASDAQ: NDAC) anticipates that the last trading day...

by Marlena Haddad on 2022-12-02 at 4:38pm

Lakeshore Acquisition I Corp. (NASDAQ:LAAA) disclosed this afternoon that its shareholders have approved its business combination with medical device company ProSomnus during a special meeting held earlier today. Approximately 92.4% of the votes cast at the meeting on the business combination proposal, representing approximately 80.5% of Lakeshore’s outstanding shares, voted to approve the deal. The SPAC disclosed...

by Marlena Haddad on 2022-12-02 at 11:38am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Embark director Elaine Chao and others sued over SPAC merger, Alvotech switches CEO and takes COO from Teva, and Uber Freight and Aurora expand pilot  Embark Director Elaine Chao, Others Sued Over SPAC...

by Nicholas Alan Clayton on 2022-12-02 at 7:51am

SPACInsider contributors Anthony Sozzi and Sam Beattie this week compiled their three favorite potential SPAC targets among potential targets in the security industry. We look at why they are compelling and why each could be a fit for a blank-check merger. Security is on the market’s mind and is expected to grow at a CAGR...

by Marlena Haddad on 2022-12-01 at 5:55pm

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC Liquidations: Atlas Crest Investment II and One Equity Partners Open Water I Atlas Crest Investment Corp. II to Liquidate Trust Atlas Crest II’s (NYSE:ACII) board and shareholders have agreed to establish today, December 1, 2022,...

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved