PartnerRe, a reinsurance company, said Sunday it had agreed to buy a smaller European competitor, Paris Re, in an all stock deal valued at $2 billion.
Under the terms of the deal, Partner Re will purchase a 57% stake in Paris Re. PartnerRe had already in recent weeks acquired a 6% stake in Paris Re.
The deal is expected to close sometime in the fourth quarter. PartnerRe was advised by Greenhill & Co and UBS.
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