Scottish Re Group Ltd. says its shareholders have approved a $600 million financing deal that will give the financiers a controlling stake in the company.
The shareholders voted at a special meeting in Bermuda to approve a set of resolutions needed to implement the deal, which was negotiated with units of Massachusetts Mutual Life Insurance Company, Springfield, Mass., and a group of affiliates of Cerberus Capital Management, L.P., New York.
Scottish Re, Hamilton, Bermuda, a life reinsurer, now hopes to complete the deal by mid-May, the company says.
