MediaAlpha Prices Secondary Offering
HAMILTON, Bermuda, May 7, 2024 /PRNewswire/ -- White Mountains Insurance Group, Ltd. (NYSE: WTM) announced today that MediaAlpha, Inc. ("MediaAlpha") priced an underwritten secondary public offering of 6,600,000 shares (not including 990,000 shares subject to the underwriters' option to purchase additional 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 $19.00 per share. MediaAlpha is not offering any shares of Class A common stock in the offering.
In the offering, 4,348,000 shares are being offered by White Mountains. White Mountains will receive net cash proceeds of about $79 million from the offering. Following the completion of the offering, White Mountains will own 18,508,814 MediaAlpha shares, representing a 26% fully-diluted ownership interest. Each of the foregoing figures assumes no exercise of the underwriters' option to purchase additional shares.
The offering is expected to close on May 10, 2024, 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 652,200 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 ...
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