International General Insurance (IGI) has received all regulatory approvals in the UK for its previously announced acquisition of Tiberius Acquisition.
IGI has received the final approvals from UK Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) to complete the acquisition.
The company received both PRA and FCA approvals earlier this week.
In October last year, IGI inked the business combination agreement with Tiberius to get listed on Nasdaq Capital Market.
Under the terms of the deal, IGI will be the parent holding company of the combined entity.
The deal has been valued at nearly $398m based on IGI share price as of 30 June 2019.
Following the completion of the deal, IGI will be based in Bermuda as International General Insurance Holdings and the existing IGI will become its subsidiary.
It will trade under ticker ‘IGIC’ at the NASDAQ.
The acquisition of special purpose acquisition firm Tiberius is expected to add nearly $120m of equity in IGI’s balance sheet.
The deal is expected to be completed by the end of this quarter.