Hagerty To Buy Remaining 60% Of Broad Arrow For $64.8 Mln In Shares

Hagerty, Inc.(HGTY), an automotive lifestyle brand, said on Wednesday that it has inked a deal to buy the remaining 60 percent shares of the Broad Arrow Group for $64.8 million in an all-stock transaction.

The transaction, expected to be closed on August 16, will provide immediate growth opportunities to the Hagerty ecosystem of products and services serving the vast collectible car market.

McKeel Hagerty, CEO of Hagerty, said: "…We expect our additional investment in Broad Arrow to enhance our growth and profitability over time, as we intend to rapidly scale this part of our overall business."

Earlier this year, Hagerty had acquired approximately 40 percent equity ownership in Broad Arrow Group.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Juul Labs, an e-cigarette maker, said it has reached settlements with more than 5,000 vaping lawsuits in the United States. The cases were related to personal injury, consumer class action, government entity, and Native American tribes. In a statement, the company said it cannot disclose the settlement amount at this time as part of the settlement and court process. Apple Inc. plans to start using American-made processors from the new advanced chip factory in Phoenix, Arizona operated by chip giant Taiwan Semiconductor Manufacturing Co., according to its Chief Executive Officer Tim Cook. At an event in the factory in Arizona, which was attended by U.S. President Joe Biden, it was also announced that TSMC will invest $40 billion in the new factory. Lidl US has recalled its 8.4 oz Favorina branded Advent Calendar, i.e., Premium Chocolate with a Creamy Filling, citing potential Salmonella contamination, the U.S. Food and Drug Administration said. The products were available for sale at Lidl stores between October 12, 2022 and December 5, 2022. They will have a BEST IF USED BY year of 2023, and barcode number of 4056489516965.
Follow RTT