On January 17, 2025, Mount Logan Capital Inc. (Cboe Canada: MLC) agreed to merge with 180 Degree Capital Corp. (Nasdaq: TURN) in an all-stock transaction valued at $113.6 million USD ($164.6 million CAD). The combined entity, New Mount Logan Capital Inc., will be incorporated in Delaware and listed on Nasdaq under the symbol MLCI. Mount Logan shareholders will own 60%, while 180 Degree Capital shareholders will own 40% based on net asset values. The transaction, approved unanimously by both boards, is structured as a tax-free reorganization and is expected to close in mid-2025, pending regulatory and shareholder approvals.

Upon closing, Mount Logan CEO Ted Goldthorpe will serve as CEO and Chairman of New Mount Logan. The seven-member board will have five directors from Mount Logan and two from 180 Degree Capital. Dechert LLP and Wildeboer Dellelce LLP served as legal counsel, and Oppenheimer & Co. as financial advisor to Mount Logan. Proskauer Rose LLP and Osler Hoskin & Harcourt LLP served as legal counsel to 180 Degree Capital, while Fenchurch Advisory US, LP acted as financial advisor and Katten Muchin Rosenman LLP advised its special committee.

A conference call was held on January 17, 2025, to discuss the transaction.