Mount Logan Capital Inc. (Cboe Canada: MLC) and 180 Degree Capital Corp. (Nasdaq: TURN) announced on January 17, 2025, their agreement to merge in an all-stock transaction valued at $113.6 million USD ($164.6 million CAD). The transaction closed on September 12, 2025, following shareholder approvals on August 22 (180 Degree Capital) and August 29 (Mount Logan). The combined entity, New Mount Logan Capital Inc., is incorporated in Delaware and will begin trading on Nasdaq under the ticker MLCI on September 15, 2025.

At closing, Mount Logan shareholders owned approximately 56.4% and 180 Degree Capital shareholders owned 43.6% of the combined company, with about 13 million shares outstanding. Ted Goldthorpe continues as CEO and Chairman. The seven-member board includes five directors from Mount Logan and two from 180 Degree Capital.

The transaction was structured as a tax-free reorganization. Legal and financial advisors included Dechert LLP, Wildeboer Dellelce LLP, and Oppenheimer & Co. for Mount Logan, and Fenchurch Advisory US, LP, Katten Muchin Rosenman LLP (special committee), Proskauer Rose LLP, and Osler Hoskin & Harcourt LLP for 180 Degree Capital.

New Mount Logan plans a $15 million tender offer for its shares at a price based on an implied $9.43 per share, with additional repurchases of up to $10 million expected over 24 months, totaling up to $25 million through various methods.