German American Bancorp Announces The Sale Of The Assets Of German American Insurance To Hilb Group In An All-Cash Transaction For $40M, And Creates A Significant After-Tax Gain, Net Of Transaction Costs, Of ~$27M
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German American Bancorp, Inc. (NASDAQ:GABC) has sold the assets of its subsidiary German American Insurance to Hilb Group for $40 million in an all-cash transaction. This sale results in a significant after-tax gain of approximately $27 million for GABC.
June 03, 2024 | 12:59 pm
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German American Bancorp, Inc. (GABC) has sold its subsidiary German American Insurance to Hilb Group for $40 million, resulting in an after-tax gain of approximately $27 million.
The sale of German American Insurance for $40 million and the resulting after-tax gain of $27 million is a significant financial event for GABC. This transaction will likely have a positive short-term impact on GABC's stock price due to the substantial gain and the strategic divestiture.
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