Saudi Re nearly completes due diligence on Probitas deal

Saudi Re for Cooperative Reinsurance Co. (Saudi Re) said that the due diligence to acquire 49.9 percent stake in Probitas Holdings Bermuda Limited (PHBL) has been substantially completed.

The exclusivity agreement period has been extended until July 23 to finalize the definitive transaction document, the insurer said in a bourse statement.

Last week, Saudi Re had signed a memorandum of understating (MoU) to acquire 49.9 percent of PHBL for an initial valuation of $25 million, Argaam reported.

 Both parties were required to finalize regulatory documents by July 20, according to the original agreement.