White Mountains’ $1.75 Billion Sale of Bamboo to CVC

On October 3, 2025, White Mountains Insurance Group, Ltd. (“White Mountains”), a Bermuda-domiciled financial services holding company, announced that it has signed a definitive agreement to sell a controlling interest in Bamboo, a data-enabled insurance distribution platform, to funds advised by CVC Capital Partners (“CVC”) in a transaction that values Bamboo at $1.75 billion. 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 $840 million. White Mountains will retain an approximately 15% fully-diluted equity stake in Bamboo post-closing, valued at $250 million based on the transaction. Cravath is representing White Mountains and Bamboo in connection with the transaction.

The Cravath team is led by partners Peter Feist and Maurio A. Fiore and includes of counsel Nour Bargach and associates Elise Zhou and Alyssa Sohn on M&A matters; partner Tatiana Lapushchik and associate Lindsey Corbett on banking matters; partner Christopher K. Fargo and associates Tristan Baylor and Ruth Goldstein Schapiro on tax matters; partner Amanda Hines Gold and associate S. Celine Li on executive compensation and benefits matters; partner Sasha Rosenthal-Larrea, of counsel Kathryn-Ann Stamm and associate Yunhao (Leslie) Liu on intellectual property matters; senior attorney Annmarie M. Terraciano on environmental matters; and practice area attorney Brian M. Budnick on real estate matters.