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Hagerty, a leader in specialty automotive insurance, is merging with Aldel Financial (NYSE: ADF) in a deal valued at $3.13 billion. This transaction aims to enhance Hagerty's digital innovations and tap into the growing automotive enthusiast market, which encompasses over 43 million vehicles in the U.S. alone. The merger will provide up to $820 million in gross proceeds, including a $704 million PIPE led by strategic partners. Hagerty, which insures over 2 million vehicles, projects continued double-digit revenue growth.
Aldel Financial Inc. has closed its initial public offering (IPO) of 11,500,000 units at $10.00 each, including 1,500,000 units from underwriters' over-allotment. Each unit comprises one share of common stock and half a redeemable warrant, with whole warrants priced at $11.50. The units are listed on the NYSE under ticker symbol 'ADF.U', with common stock and warrants to trade as 'ADF' and 'ADF WS', respectively. Proceeds will support the company's initial business combination.
