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IA American Holdings To Acquire Vericity In About $170 Mln All Cash Deal

RTTNews | vor 701 Tagen

IA American Holdings To Acquire Vericity In About $170 Mln All Cash Deal

(RTTNews) - iA Financial Corp., Inc., the holding company of iA Financial Group (IAG.TO), announced Tuesday it has entered into a definitive merger agreement whereby iA American Holdings, Inc., a subsidiary of the Company, will acquire Vericity, Inc. (VERY) for $11.43 per share or a total cash consideration of about $170 million. The deal will be funded by iA with cash in hand.

The per share merger consideration represents a 101% premium to Vericity's closing share price of $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.

Vericity comprises two entities, Fidelity Life and eFinancial, servicing the middle-market life insurance space, with synergies in between and combining artificial intelligence and rich data analytics.

The merger, which is unanimously approved by Vericity's board of directors, is expected to close in the first half of 2024, subject to obtaining the usual regulatory approvals in Canada and the United States. The transaction is expected to become slightly accretive to core EPS in year 2 and to EPS in year 3.

Tags: IAG.TO VERY

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U.S. Factory Orders Slump Roughly In Line With Estimates In July

U.S. Factory Orders Slump Roughly In Line With Estimates In July

A report released by the Commerce Department on Wednesday showed an extended slump by new orders for U.S. manufactured goods in the month of July. The Commerce Department said factory orders fell by 1.3 percent in July after plunging by 4.8 percent in June. Economists had expected factory orders to decrease by 1.4 percent.

RTTNews | vor 11 Minuten

Eurozone Private Sector Growth At 1-Year High

Eurozone Private Sector Growth At 1-Year High

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RTTNews | vor 1Std 27 Minuten

Bay Street Likely To Open On Mixed Note

Bay Street Likely To Open On Mixed Note

Canadian shares are likely to open on a somewhat mixed note on Wednesday, tracking commodity prices. With some crucial economic data, including jobs data from Canada and the U.S. due later in the week, the mood is likely to remain cautious.

RTTNews | vor 1Std 47 Minuten

FTSE Up Nearly 0.6%; Miners Among Top Gainers

FTSE Up Nearly 0.6%; Miners Among Top Gainers

The U.K. market remains well placed in positive territory in early afternoon trades on Wednesday, coming back strongly after posting a notable loss in the previous session. Mining stocks are among the prominent gainers.

RTTNews | vor 2Std 35 Minuten

CAC 40 Up Nearly 1%; Schneider Electric Rises Over 3.5%

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RTTNews | vor 3Std 13 Minuten

Sensex, Nifty End Higher After Choppy Trade

Sensex, Nifty End Higher After Choppy Trade

Indian shares closed higher on Wednesday despite weak cues from global markets as investors grappled with rising bond yields and renewed trade uncertainty.

RTTNews | vor 4Std 3 Minuten

DAX Moderately Higher As Stocks Recover After Recent Tumble

DAX Moderately Higher As Stocks Recover After Recent Tumble

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RTTNews | vor 4Std 7 Minuten

European Shares Edge Higher After PMI Data

European Shares Edge Higher After PMI Data

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RTTNews | vor 5Std 22 Minuten

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