White Mountains to sell Bamboo to CVC Capital Partners for $1.75B

White Mountains (WTM) Insurance Group announced that it has signed a definitive agreement to sell a controlling interest in Bamboo, a data-enabled insurance distribution platform providing homeowners’ insurance and related products to the residential property market in California and Texas, to funds advised by CVC Capital Partners. The transaction values Bamboo at $1.75B. White Mountains expects the transaction will result in a gain of approximately $310 to its book value per share and net cash proceeds of approximately $840M. White Mountains will retain an approximately 15% fully-diluted equity stake in Bamboo post-closing, valued at $250M based on the transaction. The transaction is expected to close by the end of the fourth quarter of 2025. The closing is subject to regulatory approvals and other customary closing conditions. The closing is not subject to a financing condition.