Automotive insurance platform and car-enthusiast company Hagerty announced today plans to merge with Aldel Financial, a SPAC co-sponsored by Fundamental Global. The union would give the combined company an enterprise value of $3.13 billion.
If approved, upon closing Hagerty will list on the NYSE under HGTY.
The transaction is expected to deliver up to $820 million of gross proceeds to the combined company, including up to $116 million of cash held in Aldel’s trust account from its April IPO, assuming no redemptions. The combination is supported by a $704 million PIPE plus 18% warrant coverage led by strategic investors State Farm and Markel Corporation and commitments from a group of institutional and private investors. Read more.
