Prosperity Life Insurance Group LLC's majority shareholders, including funds managed by Reservoir Capital Group LLC and Black Diamond Capital Partners, have agreed to sell 100% of their stake in the company to an investment partnership funded by affiliated entities of Elliott Management Corp.; operating principals of Wand Partners Inc., and Anurag Chandra, current CEO of Prosperity.
The deal is expected to be completed in the third quarter, subject to customary regulatory approvals.
Barclays acted as financial adviser and Debevoise & Plimpton LLP acted as legal adviser to Prosperity in the transaction. Greenberg Traurig and Akin Gump Strauss Hauer & Feld LLP acted as legal advisers and Ernst & Young acted as accounting and tax advisers to Elliott and Wand.
