The company said it permanently divested all of its legacy asbestos liability on June 10, 2024 by selling its wholly-owned subsidiaries that hold those liabilities and the related insurance assets.

1. 01

   The company said it permanently divested all of its legacy asbestos liability on June 10, 2024 by selling its wholly-owned subsidiaries that hold those liabilities and the related insurance assets.

2. 02

   Ingersoll Rand said the buyer is Delticus, which it described as an institutionally capitalized corporate liability acquisition platform specializing in acquiring and managing long-tail legacy corporate liabilities. It said Delticus is owned by entities affiliated with Third Point LLC.

3. 03

   The company said the divested entities were capitalized with a total of $188.5 million at closing, consisting of $143.5 million from insurance settlement proceeds, $35 million from affiliates of Delticus and $10 million from Ingersoll Rand.

4. 04

   The company said that, as a result of the transaction, no asbestos liabilities or related insurance assets will be included in its consolidated year-end 2024 balance sheet. It said Delticus will assume management of the divested subsidiaries, including management of their claims and insurance policy reimbursements.

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Original filing

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