M&A · Financials · Life Insurance
iA Financial Group to acquire Vericity, Inc.
Announced Oct 3, 2023 · Closed Jun 28, 2024
Deal value$170M
Premium101.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$11.43 per share
Transaction
- Acquirer
- iA Financial Group
- Target
- Vericity, Inc.
- Buyer type
- Strategic
- Offer price per share
- $11.43
- Enterprise value
- —
- Status
- Closed Jun 28, 2024
Deal protections
- Break fee (target pays)
- $5.1M · 3.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Raymond James
Sector context · Financials
- Comparable deals
- 63 in the prior 24 months
- Premium
- 101.0% vs. 34.0% sector median
- EV / Adj. EBITDA
- Sector median 22.5x
- Break fee
- 3.0% vs. 3.0% sector median
Timeline
- AnnouncedOct 3, 2023
- Proxy filedNov 1, 2023
- Definitive proxyNov 15, 2023
- Shareholder vote—
- ClosedJun 28, 2024