KENNEDY WILSON acquired by FAIRFAX FINANCIAL

Fairfax Financial and a management consortium led by executive chairman William McMorrow completed the acquisition of the remaining equity in Kennedy Wilson on 10 June 2026. The transaction took the California real estate enterprise private, with public stockholders receiving $11.75 per share in cash, valuing the company at an enterprise value of $6.3bn. Following the close of the transaction, Fairfax Financial held the majority economic interest in the privatized business, while the management consortium maintained executive governance and day-to-day operational control over property operations and asset management platforms. The agreement concluded a bidding and review procedure initiated after the buyer group submitted an initial buyout proposal in February 2026. Prior to the transaction, Fairfax Financial held an equity stake of approximately 20% in the business and held preferred equity investments in its real estate credit vehicles. Stockholders of Kennedy Wilson approved the acquisition at a special meeting on 10 June 2026, prompting the suspension and delisting of the common stock from the New York Stock Exchange. The buying consortium financed the share acquisition and refinancing obligations using a three-year senior secured credit facility together with direct equity funding provided by Fairfax Financial. Under the terms of the credit arrangements, Fairfax Financial executed a stand-by credit guarantee covering debt obligations undertaken by the borrowing acquisition entity. Morgan Stanley acted as financial advisor to the special committee of independent directors of Kennedy Wilson, with Sullivan & Cromwell providing legal counsel to the committee. Wachtell, Lipton, Rosen & Katz served as legal advisor to Kennedy Wilson. BDT & MSD Partners acted as financial advisor to Fairfax Financial, while Shearman & Sterling provided legal advice to the acquirer.