Kennedy Wilson Gets $100M Commitment from Fairfax
Calling it "the single greatest event in Kennedy Wilson’s history thus far," Kennedy Wilson chairman and CEO William McMorrow on Wednesday announced that the company had secured a stock purchase agreement with Toronto-based Fairfax Financial Holdings Ltd.
May 19, 2010
By Allison Landa, News Editor
Calling it “the single greatest event in Kennedy Wilson’s history thus far,” Kennedy Wilson chairman & CEO William McMorrow on Wednesday announced that the company had secured a stock purchase agreement with Toronto-based Fairfax Financial Holdings Ltd. Per the agreement, Fairfax has committed to purchase up to $100 million in Kennedy Wilson convertible preferred stock.
“We feel very fortunate to begin this relationship,” McMorrow said when announcing the news. “Not only does Fairfax bring an extremely strong balance sheet and investing track record, but more importantly, our companies share the same long-term value investing philosophies.”
The private placement creates a new strategic relationship between the two companies. Fairfax has a market cap of approximately $8 billion and total investment portfolio of approximately $20 billion.
Kennedy Wilson was founded in 1977 and is headquartered in Beverly Hills, Calif., with 22 offices in the U.S. and Japan.
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