J.C. Flowers-backed Vericity to be acquired for 101% premium to Monday's close
Vericity Inc.'s (VERY) stock was up by 97% after the Des Plaines, Ill.-based insurance services company backed by private-equity firm J.C. Flowers, on Tuesday said it agreed to be acquired by iA Financial Corp. (CA:IAG) for $11.4 a share in cash, or a premium of 101% over its closing price in the previous session. The deal values Vericity at about $170 million. "Over the course of our investment in Vericity, J.C. Flowers supported management in transforming the business model by combining AI and rich data analytics to deliver innovative proprietary technology to power all aspects of the business," Eric Rahe, co-president of J.C. Flowers, said in a statement. The deal is expected to close in the first half of 2024.
-Steve Gelsi
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
10-03-23 0805ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks