WHITE MOUNTAINS INSURANCE GROUP LTD (WTM): M&A transaction — White Mountains completes sale of controlling Bamboo stake to CVC for $848M net cash

WHITE MOUNTAINS INSURANCE GROUP LTD

Sold 77.3% equity interest in Bamboo Group for $848M net cash proceeds at closing on Dec 5, 2025.
Retained indirect equity interest valued at $250M (approx 15% fully-diluted stake).
Bamboo enterprise value on a cash-free/debt-free basis was $1.75B.
Pro forma net transaction gain after tax estimated at $816.6M, increasing book value by $844.6M.
Net proceeds include $3.6M held in escrow expected release in H1 2026.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

WHITE MOUNTAINS INSURANCE GROUP LTD completed a disposition involving affiliates of funds advised by CVC Capital Partners for net cash proceeds at closing of $848 million and retained an indirect equity interest valued at $250 million (closed 2025-12-05).

Action: disposition
Counterparty: affiliates of funds advised by CVC Capital Partners
Consideration: net cash proceeds at closing of $848 million and retained an indirect equity interest valued at $250 million
Closing: 2025-12-05

Exact text from the filing

the terms of the Bamboo SPA, a wholly owned subsidiary of White Mountains sold approximately 77.3% of its equity interest in the Bamboo Group for net cash proceeds at closing of $848 million and retained an indirect equity interest valued at $250 million (the “Bamboo Sale Transaction”). --- EX-99.1 (EX-99.1) --- PRESS RELEASE - White Mountains Completes Sale of

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Source: SEC EDGAR

accession 0001628280-25-055702

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