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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.

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