Hagerty to Acquire Remaining 60% of Broad Arrow Group.
MANews-(C)2009-2022
Michigan, US-based lifestyle brand and speciality insurance provider Hagerty (NYSE: HGTY) has agreed to acquire the remaining 60% of Broad Arrow Group, for USD 64.8m, the company said.
Earlier this year, Hagerty acquired approximately 40% equity ownership in Broad Arrow Group as a centrepiece of its automotive Marketplace strategy, designed to provide consumers new trust-based platforms for buying, selling and financing collectible cars.
Hagerty is now acquiring the remaining 60% of Broad Arrow in an all-stock transaction, with an expected closing date of August 16, 2022.
The Broad Arrow acquisition will provide immediate growth opportunities in a compelling adjacency to the Hagerty ecosystem of products and services serving the vast collectible...
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