Overview
- Consortium will acquire remaining shares for $10.90 in cash, valuing the real estate firm at roughly $1.6–$1.65 billion.
- Fairfax is expected to hold a majority stake and is funding the deal without financing contingencies, while CEO William McMorrow’s KW Management Group will lead operations.
- An independent special committee unanimously recommended the transaction and the board approved it, with closing targeted for the second quarter of 2026 pending a shareholder vote.
- The merger agreement permits up to two additional $0.12 quarterly dividends before completion, and shares jumped nearly 10% toward the offer price after the announcement.
- Consortium members held about 31% of outstanding stock before the proposal; Moelis is advising, and Latham & Watkins and Ropes & Gray are legal counsel.