Kennedy-Wilson Holdings, Inc. said Tuesday that Fairfax Financial Holdings Limited had completed its all-cash acquisition of the company. First announced this past February, the privatization deal is valued at $1.65 billion.

William McMorrow, chairman and CEO of Kennedy Wilson, and senior management of Kennedy Wilson, collectively known as KW Management Group, maintain effective and operational control of the Beverly Hills-based real estate investment firm and its subsidiaries. Toronto-based Fairfax now has a majority of the economic interest in the company.

In addition, Fairfax said Tuesday that a consortium led by KW Management Group and certain Fairfax affiliates has obtained a $1.3-billion term loan facility. Fairfax is providing a standby guarantee on the loan.

With the completion of the acquisition, which was approved by Kennedy Wilson shareholders in a special meeting on June 10, Kennedy Wilson shares have ceased trading on the New York Stock Exchange.

The post Kennedy Wilson, Fairfax Financial Close on $1.65B Take-Private Deal appeared first on Connect CRE.

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