HAMILTON, Bermuda, March 18, 2021 /PRNewswire/ -- White
Mountains Insurance Group, Ltd. (NYSE: WTM) announced today that
MediaAlpha, Inc. ("MediaAlpha") priced a secondary offering of
7,000,000 shares of its Class A common stock by certain selling
stockholders. The shares of Class A common stock are being sold to
the public at a price of $46 per
share. MediaAlpha is not offering any shares of Class A
common stock in the offering.
In the offering, 3,122,460 shares are being offered by White
Mountains. Following the completion of the offering, White
Mountains will own 17,409,742 MediaAlpha shares, representing a 27%
fully-diluted ownership interest. At the secondary offering
price, the value of White Mountains's remaining equity ownership
stake is approximately $800
million. White Mountains will receive net cash
proceeds of about $140 million from
the offering.
The offering is expected to close on March 23, 2021, subject to customary closing
conditions. In connection with the offering, the underwriters
will have a 30-day over-allotment option to purchase up to an
additional 469,744 shares offered by White Mountains.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction. Any offers, solicitations or offers to
buy, or any sales of securities will be made in accordance with the
registration requirements of the Securities Act of 1933, as
amended.
About White Mountains
White Mountains is a Bermuda-domiciled financial services holding
company traded on the New York Stock Exchange and the Bermuda Stock
Exchange under the symbol WTM.
CONTACT: Todd
Pozefsky
(203) 458-5807
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SOURCE White Mountains Insurance Group, Ltd.