Markel Group Inc (NYSE: MKL) said on Tuesday that it had entered into a definitive agreement to acquire a majority interest in Valor Environmental and its related operating companies.
The transaction, which is subject to customary closing conditions, is to be finalized in the second quarter of 2024.
Markel Group did not disclose any additional terms.
“We are thrilled to partner with Markel Group. This permanent home enables Valor to continue making the best long-term decisions for our customers and employees,” Kirk Foster, Valor’s President, said in a press release.
“Our relentless focus on local customer service has gotten us here, and we are energized for the significant growth opportunities in front of us.”
“When land is developed, Mother Nature has a way of moving dirt, water, and everything that comes with it to places we don’t want it to go. Luckily, our partners at Valor work every day to help their customers avoid unnecessary environmental impact and costly project delays. Valor takes our Ventures family to twenty companies in nearly twenty years – a point in our journey worth celebrating,” Tom Gayner, CEO of Markel Group, commented.
Stock Performance
The shares of Markel Group Inc (MKL) closed 0.81% ($12.95) lower at $1,579.04 in New York on Tuesday, as they snapped a five-day streak of gains.
The company’s total market cap now stands at $20.532 billion.
The shares of Markel Group Inc (MKL) went up 7.77% in 2023, compared with a 10.99% gain for the benchmark index, NYSE Composite (NYA).
The company’s shares have risen 11.21% so far this year.
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