Shareholders of R&Q Insurance Holdings have approved the sale of the group’s program management business to Onex Partners.
In a London Stock Exchange filing on Thursday, R&Q said: “The board is pleased to announce that, at the special general meeting held earlier today, the resolution in relation to the proposed sale of Accredited was duly passed. Accordingly, shareholder approval to the sale has been obtained.”
The US$465 million transaction, meanwhile, remains conditional on other matters.
“R&Q continues to work expediently towards satisfying all other remaining conditions to the sale and remains hopeful that appropriate agreements can be reached with all of its lending banks, providers of credit, and other finance providers to enable the sale to take place,” the non-life global specialty insurance company noted.
It was also highlighted that there is no guarantee that all conditions to the sale will be satisfied or that all necessary agreements will be reached.
According to R&Q’s update, 55.22% of the votes cast were in favour of the sale.
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