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 includes 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.