Insight and Intelligence on the London & International Insurance Markets 23 Apr 2018

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Novae: the value of a pure Lloyd’s play?

  • Iulia Ciutina 11 July 2017
  • The 1.5x multiple Axis has agreed to pay to acquire Novae has sparked a market debate around the attractiveness of the deal for both parties.

    Novae recommended shareholders sell out to Axis for 700 pence per share in cash, which translates into a 1.38x multiple of trailing undiluted net tangible asset value per share and a 1.5x multiple on a fully diluted basis.

    Click to enlarge The deal places Novae's valuation somewhere in the middle of the pack relative to...

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