iA Financial Group to Acquire Vericity in USD 170m All-Cash Transaction.
MANews-(C)2009-2023
Canadian insurance and wealth management group iA American Holdings, Inc. has agreed to acquire US-based life insurance solutions provider Vericity, Inc. (NASDAQ: VERY) in an all-cash transaction valued at approximately USD 170m, the company said.
As part of the agreement, each issued and outstanding share of the total 14,875,000 shares of Vericity common stock will be converted into the right to receive USD 11.43 in cash at closing of the merger, funded by iA with existing cash on hand.
The per share merger consideration represents a 101% premium to Vericity's closing share price of USD 5.70 on October 2, 2023, the last full trading day prior to the announcement of the transaction. The transaction is not subject to any financing condition or contingency.
Raymond James Financial, Inc. is serving as financial...
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