The European Commission has approved the sale of program management business Accredited to private equity platform Onex Partners.
As announced last year, R&Q Insurance Holdings is selling Accredited for US$465 million to a unit within asset manager Onex Corporation. The deal secured shareholder approval in January.
Now another green light has been granted – that from the European Commission (EC), under the European Union merger regulation.
“The transaction relates primarily to the markets for non-life insurance and reinsurance in the US, the UK, and Europe,” the EC noted.
“The Commission concluded that the notified transaction would not raise competition concerns, given the companies’ limited combined market position. The transaction was examined under the simplified merger review procedure.”
Earlier this month, R&Q issued an update on the pending acquisition by Onex Partners.
“R&Q continues to work expeditiously towards achieving satisfaction of the conditions to enable that sale to take place,” the company said at the time. “R&Q currently expects closing of that sale to occur in Q2 2024.
“In the meantime, the board of R&Q continues to evaluate any and all options so as to realise value from its legacy insurance business for the benefit of all its stakeholders, including its shareholders, whether that be through the ongoing trading of that business or through alternative strategic options.”
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