Primerica Inc., (NYSE: PRI) announced that it has entered into a repurchase agreement with Warburg Pincus Equity X, L.P. and Warburg Pincus X Partners, L.P. (Warburg Pincus).
The Duluth Ga.-based distributor of financial products will repurchase 5,736,137 shares of Primerica common stock owned by the private equity growth investor. The purchase price of $26.15 per share was derived from the closing price of Primerica common stock on April 17, 2012.
At the conclusion of the transaction, Warburg will own 17.9% of Primerica’s outstanding common stock on a primary basis and 23.2% including the warrants to purchase Primerica common stock currently held by Warburg Pincus.