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FG Financial Group (Nasdaq: FGF, FGFPP) announced that its SPAC partner, Aldel Financial, has successfully merged with Hagerty, a well-known automotive insurance provider. The merger was approved by Aldel’s stockholders on December 1, 2021, and Hagerty began trading under the ticker HGTY on December 3, 2021. FG Financial holds approximately 533,000 common shares and 321,000 warrants of Hagerty, valued at $15 each. The company views this merger positively, anticipating growth in the automotive insurance market as Hagerty insures about 2 million vehicles globally.
Aldel Financial Inc. (NYSE: ADF) will host a virtual special meeting on December 1, 2021, at 10:00 a.m. ET to discuss its proposed business combination with The Hagerty Group. Stockholders are urged to vote to meet the quorum requirement. Votes can be cast online, by phone, or via proxy card. Those holding shares by November 9, 2021 are eligible to vote. A redemption election is in effect for shares held until November 29, 2021. Critical documents, including the definitive proxy statement, are available for review at the SEC's website.
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.
