07:49 AM EST, 12/30/2024 (MT Newswires) -- Maiden Holdings ( MHLA ) and Kestrel Group said Monday they agreed to combine into a new publicly listed company.

The companies said a newly formed Bermuda company will acquire both Maiden and Kestrel as a combined entity in a transaction valuing Kestrel at about $167.5 million.

The transaction consists of $40 million in upfront cash, $82.5 million in shares of the combined company and an earnout of up to $45 million payable in shares of the combined company, Maiden and Kestrel said.

Upon closing, the new entity will be named Kestrel Group and is expected to list its shares on Nasdaq, the companies said.

Closing is expected in the first half of 2025.

Maiden suspended its share repurchase program in connection with the transaction, according to the companies.