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MediaAlpha's Sale of a Significant Minority Stake to Insignia Capital Group

On February 4, 2019, White Mountains Insurance Group, Ltd. (“White Mountains”), a Bermuda‑domiciled financial services holding company, announced that MediaAlpha, a marketing technology company, has signed a definitive agreement to sell a significant minority stake to Insignia Capital Group in connection with a recapitalization transaction. The transaction values MediaAlpha at approximately $350 million, and White Mountains will remain a significant equityholder in MediaAlpha with a 42% ownership interest on a fully‑diluted basis. Cravath is representing White Mountains and MediaAlpha in connection with the transaction.

The Cravath team is led by partner David J. Perkins and associates Nicholas Kypriotakis and Sung Woong (Andrew) Kang on corporate matters; partner Eric W. Hilfers, practice area attorney Romica Singh and associate Faye C. Whiston on executive compensation and benefits matters; partner Christopher K. Fargo and associates Richard Bohm and Leon B. Dalezman on tax matters; partner David J. Kappos and practice area attorney Tatiana N. Alyonycheva on intellectual property matters; partner Tatiana Lapushchik, senior attorney Kimberly A. Grousset and associate Melanie R. Cook on financing matters; senior attorney Joyce Law and practice area attorney Laurel R. Berkowitz on real estate matters; and senior attorney Annmarie M. Terraciano on environmental matters.