Mount Logan Capital and 180 Degree Capital complete merger

Mount Logan Capital Inc. and 180 Degree Capital Corp. (NASDAQ: TURN) completed their strategic business combination on September 12, 2025, creating a combined entity valued at approximately $122.7 million.

The merged company will operate as Mount Logan Capital Inc. and expects to begin trading on NASDAQ under the symbol "MLCI" on September 15, 2025. The closing merger value equates to $9.43 per share of the combined company.

Under the merger terms, Mount Logan shareholders will own approximately 56.4% of the combined company, while 180 Degree Capital shareholders will hold 43.6%. The merged entity will have approximately 13 million shares outstanding following the closing.

Mount Logan's common shares ceased trading on September 11, 2025, and the company expects formal delisting from Cboe Canada on September 12, 2025. Both companies' shareholders previously approved the transaction on August 29, 2025, and August 22, 2025, respectively.

"By combining with 180 Degree Capital, we are creating a stronger, more diversified platform with enhanced scale and access to U.S. capital markets," said Ted Goldthorpe, Chief Executive Officer of Mount Logan.

The combined company plans to launch a tender offer for up to $15 million of shares at the implied closing price of $9.43 per share. Additional share repurchases of up to $10 million may continue periodically over 24 months following the closing.

Mount Logan operates as an alternative asset management and insurance solutions company focused on North American debt securities and annuity reinsurance through subsidiaries Mount Logan Management LLC and Ability Insurance Company.

Oppenheimer & Co. served as financial advisor to Mount Logan, while Fenchurch Advisory US, LP advised 180 Degree Capital's special committee. Various law firms provided legal counsel to both parties.

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