White Mountains nets $90m in MediaAlpha secondary offering
Bermudian-based White Mountains Insurance Group Ltd has netted approximately $90 million in an underwritten secondary public offering of shares by MediaAlpha.
The offering, which has closed, involved 7.59 million shares of Media Alpha’s Class A common stock by certain selling stockholders.
Media Alpha said the sellers are affiliated with White Mountains and Insignia Capital Group.
The total includes 990,000 shares sold pursuant to the underwriters' option to purchase additional shares.
The shares of Class A common stock were sold to the public at a price of $19 per share.
MediaAlpha did not sell any shares of Class A common stock in the offering.
White Mountains said it sold 5,000,200 shares in the offering and received net cash proceeds of approximately $90 million.
Following completion of the offering, White Mountains said, it owns 17,856,614 shares of MediaAlpha Class A common stock, representing a 25 per cent fully diluted ownership interest.
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