Hagerty Said On Jan 12 Unit Of Co, Entered Into A Stock Purchase Agreement With Everspan Insurance Company
To Acquire All Of Issued And Outstanding Capital Stock Of CNIC for $18.4M
Portfolio Pulse from Charles Gross
Hagerty announced on January 12 that a unit of the company has entered into a stock purchase agreement with Everspan Insurance Company to acquire all of the issued and outstanding capital stock of CNIC for $18.4 million, as disclosed in an 8-K filing.
February 13, 2024 | 11:05 am
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POSITIVE IMPACT
Hagerty's acquisition of CNIC for $18.4 million from Everspan Insurance could potentially strengthen its market position and expand its portfolio.
The acquisition of CNIC by Hagerty is a strategic move to expand its portfolio and strengthen its position in the insurance market. This could lead to positive investor sentiment and potentially increase the stock price in the short term, given the expansion of services and potential for increased market share.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90